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Bitcoin and Ethereum’s dominance is being straight challenged successful a caller outlook from Bloomberg Intelligence strategist Mike McGlone, who believes that an unexpected contender is positioning itself to overtake both. Tether USDT’s marketplace headdress is steadily closing successful connected Ethereum, and Mike McGlone thinks the stablecoin’s ascent is lone getting started, portion the 2 largest cryptocurrencies whitethorn beryllium headed successful the other direction.
The Unlikely Contender Gaining Ground
Mike McGlone, elder macro strategist astatine Bloomberg Intelligence, has singled retired Tether (USDT) arsenic the plus astir apt to reshape the crypto marketplace hierarchy successful the adjacent future. The crypto marketplace has grown massively successful caller years and is present flooded with millions of tokens. However, successful a caller enactment issued this week, McGlone noted that superior is gravitating toward instruments that support stableness and utility, particularly successful uncertain macro conditions, and Tether’s USDT is starring the charge.
Interestingly, McGlone besides talked astir a flippening of the crypto marketplace ranks. However, this flippening is not the long-speculated script wherever Ethereum overtakes Bitcoin but a acold little anticipated 1 wherever the dollar-backed stablecoin softly surpasses both. “I expect the ‘flippening’ to continue, with Tether’s AUM topping Ethereum successful 2026 and yet Bitcoin,” McGlone wrote.
The spread betwixt the 2 assets has narrowed considerably successful the past year. Ethereum’s marketplace capitalization presently stands astatine astir $272 billion. Tether’s marketplace cap, meanwhile, is astir $184 billion.
This clip past year, the stablecoin was sitting astatine a $144.2 cardinal marketplace cap, making it a 27.6% maturation implicit the past year. Tether presently controls astir 58% of the planetary stablecoin marketplace cap, and unneurotic with USDC, the 2 relationship for astir 82% of the full stablecoin cap.
Bitcoin’s Long Road Back To $10,000
McGlone pairs this stablecoin outlook with a notably bearish stance connected Bitcoin. According to him, there’s a immense anticipation of the Bitcoin terms crashing to arsenic debased arsenic $10,000. Bitcoin has been trading successful a prolonged corrective signifier pursuing its 2025 all-time high, and a illustration published alongside McGlone’s commentary shows that Bitcoin has ever led some equity marketplace upswings and downswings, and if equities are rolling over, Bitcoin whitethorn follow.
The illustration beneath shows Bitcoin’s yearly candle alongside the S&P 500 scale and its 180-day volatility reading. The banal marketplace volatility, which is astatine a speechmaking of 12.5, is excessively debased for 2026. A reversal successful that inclination could pb to further declines for Bitcoin, which is already showing signs of rejection supra $70,000.
Bitcoin Yearly Chart. Source: @mikemcglone11 On X
Bitcoin indispensable clasp supra $75,000 to invalidate the script of a clang to $10,000. Failure to bash so, according to McGlone, opens the way to a deeper reversion to arsenic debased arsenic the $10,000 range, which helium highlights arsenic a semipermanent equilibrium portion since the instauration of futures markets successful 2017.
Featured representation created with Dall.E, illustration from Tradingview.com
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