Bitcoin breaks above US$107K

Key market insights

• Spot market demand drives Bitcoin price to US$107K: Glassnode reports strong spot buying and “buy-the-dip” activity driving Bitcoin’s rise past US$107K
• Ripple launches pilot to transform agricultural finance on the XRP Ledger: Ripple’s new Impact Pilot is partnering with agri‑finance institutions to streamline supply‑chain payments.
• JPMorgan sees Bitcoin outpacing gold in H2 2025: JPMorgan analysts say Bitcoin is set to outperform gold as corporate and state-level adoption rises
• Bitcoin dominance slips, but altcoin season may remain elusive: Analysts say it’s too early to call “altcoin season,” as macro risks and ETF-driven flows could keep BTC in the lead

The weekly trading stats as of Monday, May 19th at 10:00 am AEST, based on data from Tradingview in USD.

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Spot market demand drives Bitcoin price to US$107K

According to blockchain data and intelligence platform Glassnode’s latest analysis, Bitcoin's recent price surge to over US$107,000 has been largely driven by strong spot market activity, with net daily buying pressure reaching US$45 million. This trend suggests that traders are accumulating Bitcoin directly rather than relying on leverage or derivatives, a pattern typically associated with more sustainable price growth. The report also noted that recent pullbacks to the US$93K–US$95K range saw strong “buy-the-dip” behavior, reinforcing confidence in Bitcoin’s momentum as it hovers just below its all-time high.

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Ripple launches pilot to transform agricultural finance on the XRP Ledger

Ripple’s new Impact Pilot is partnering with agri‑finance institutions to streamline supply‑chain payments on the XRP Ledger, enabling farmers and buyers to transact instantly and at lower cost. The program integrates tokenised receivables and real‑time settlement, reducing financing delays and improving cash flow for producers. By leveraging XRP’s speed and low fees, the pilot aims to unlock working capital trapped in traditional payment rails, demonstrating a real‑world blockchain use case that could scale across global commodity markets.

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JPMorgan sees Bitcoin outpacing gold in H2 2025

JPMorgan analysts led by Nikolaos Panigirtzoglou recently forecast that Bitcoin will outperform gold in the second half of 2025, driven by rising corporate purchases and growing support from U.S. states. They point to a recent shift where Bitcoin has gained at gold’s expense - surging 18% since late April while gold fell 8% - and expect this “debasement trade” to continue as investors diversify away from fiat and traditional safe havens. With institutional demand on the rise and state-level adoption accelerating, Bitcoin’s structural upside may now exceed that of its precious‑metal counterpart.

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Bitcoin dominance slips, but altcoin season may remain elusive: analysts

Bitcoin’s share of the total crypto market has edged lower as altcoins like Ethereum, Solana, and XRP post strong rallies, yet experts warn this doesn’t necessarily signal a full‑blown “altcoin season.” According to Grayscale’s Zach Pandl, Bitcoin dominance is more likely to plateau in the 60-70% range rather than plunge,since macro risks could quickly drive capital back into the perceived safety of BTC. Traders should watch on‑chain metrics - like active addresses and transaction volumes - before betting on sustained altcoin outperformance, since historical patterns are shifting in the era of spot Bitcoin ETFs and evolving market dynamics.

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Looking ahead

Bitcoin’s climb past US$107,000 this week shows growing strength. Investor appetite has seemingly remained steady even in the face of global economic uncertainty and mixed central bank signals. Glassnode data shows that spot market demand continues to dominate, with sustained inflows keeping BTC range-bound just below its all-time high. While some analysts warn that Bitcoin dominance is slipping slightly, altcoin season still appears distant as BTC remains the core hedge for macro-driven volatility.

Meanwhile, institutions are still deepening their crypto presence. Ripple is expanding real-world use cases on the XRP Ledger, while JPMorgan now predicts Bitcoin could outperform gold in the second half of 2025. Global developments, from steady US rates and recession risks to Australia's expected rate cuts and China’s economic pivot, can continue to drive attention toward Bitcoin’s resilience as a macro asset.

As we head deeper into Q2 2025, markets are on edge. Bitcoin’s range may break soon, and all eyes are now on whether macroeconomic relief, ETF inflows, or renewed institutional momentum will fuel the next breakout beyond US$110k.

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