Although Bitcoin has managed to post impressive gains in 2024, it is not the best-performing commodity of the year.

according to Data Provided by MarketWatch The price of cocoa has risen a whopping 185% this year.

Cocoa prices have exploded due to major supply shortages due to lower West African productivity.

The vast majority of the world's cocoa is produced in Ghana, Cameroon and many other African countries. This year, there has been a significant decline in production due to the double whammy of negative climate factors and a lack of support for local cocoa farming communities. Moreover, cocoa bud swollen virus disease (CSSVD) has significantly damaged a large portion of crops.

After paring some of the gains recorded earlier this year, cocoa prices rose again in the fourth quarter while concerns about supply persisted. Last week, coca prices exceeded $12,000 per ton, recording their highest level ever.

For comparison, Bitcoin is up 126.05% year over year, and is currently trading at $95,200.

Some other more profitable commodities include orange juice and natural gas. They rose by 73% and 43%, respectively.