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Bitcoin Fails to Outperform Cocoa in 2024
While the crypto market has been volatile, with prices swinging wildly due to various factors including regulatory uncertainty and environmental concerns, it appears that Bitcoin (BTC) has failed to outperform another commodity, cocoa.
According to recent data, Coinbase and MicroStrategy have plummeted by a staggering 5% amid the ongoing carnage in the cryptocurrency market. Meanwhile, cocoa prices continue their relentless march upwards, surpassing $12,000 per ton for the first time ever.
In contrast, Bitcoin’s year-to-date performance has been underwhelming, with the flagship cryptocurrency up by only 126.05%. This lackluster performance has raised eyebrows among crypto enthusiasts and investors alike, as many had expected a stronger showing from the digital gold standard in 2024.
However, it appears that cocoa is not alone in its meteoric rise. Other commodities such as orange juice and natural gas have also seen significant gains, with the latter rallying by an impressive 43%.
Source: u.today
