3 months, 3 weeks ago

Cocoa tops 2024 charts: Outperforms Bitcoin with a 180% rally

Bitcoin prices witnessed a remarkable surge in 2024, recording a rally of over 140% as the largest cryptocurrency reached an all-time high of $108,353 earlier this month. Cocoa price rally The rally in cocoa prices began in 2023 when rates were approximately $2,500 per tonne, nearly doubling to around $4,200 by the end of the year. “Cocoa prices rose sharply due to a combination of factors, including reduced production in major producing countries, resulting in a supply deficit, lower inventories, and higher logistics costs. Adverse weather conditions in leading cocoa producers, Ivory Coast and Ghana, significantly impacted global supply at a time when demand was rising, fueling the record-breaking rally in cocoa prices this year,” explained Ajay Kedia, Director of Kedia Advisory. Kedia expects cocoa prices to hold firm in the first half of 2025, supported by current market dynamics, before moderating in the second half as supply conditions improve.

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Bitcoin Prices Rally Cocoa Cocoa Prices Ivory Coast Kedia Tops 2024 2024 Charts Tops 2024 Charts
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