Bloomberg Analyst Predicts This ‘Underdog’ Will | Crypto News
Bitcoin and Ethereum’s dominance is being straight challenged in a new outlook from Bloomberg Intelligence strategist Mike McGlone, who believes that an sudden contender is positioning itself to overtake both. Tether USDT’s market cap is steadily closing in on Ethereum, and Mike McGlone thinks the stablecoin’s ascent is only getting began, while the 2 largest cryptocurrencies could also be headed in the alternative direction.
The Unlikely Contender Gaining Ground
Mike McGlone, senior macro strategist at Bloomberg Intelligence, has singled out Tether (USDT) as the asset most probably to reshape the crypto market hierarchy in the close to future. The crypto market has grown massively in latest years and is now flooded with tens of millions of tokens. However, in a latest be aware issued this week, McGlone famous that capital is gravitating toward devices that keep stability and utility, particularly in unsure macro circumstances, and Tether’s USDT is main the charge.
Interestingly, McGlone also talked about a flippening of the crypto market ranks. However, this flippening will not be the long-speculated state of affairs where Ethereum overtakes Bitcoin but a far less anticipated one where the dollar-backed stablecoin quietly surpasses both. “I expect the ‘flippening’ to continue, with Tether’s AUM topping Ethereum in 2026 and eventually Bitcoin,” McGlone wrote.
The hole between the 2 property has narrowed significantly in the past 12 months. Ethereum’s market capitalization at the moment stands at roughly $272 billion. Tether’s market cap, meanwhile, is around $184 billion.
This time last 12 months, the stablecoin was sitting at a $144.2 billion market cap, making it a 27.6% growth over the past 12 months. Tether at the moment controls about 58% of the global stablecoin market cap, and together with USDC, the 2 account for around 82% of the entire stablecoin cap.
Bitcoin’s Long Road Back To $10,000
McGlone pairs this stablecoin outlook with a notably bearish stance on Bitcoin. According to him, there’s a large chance of the Bitcoin price crashing to as low as $10,000. Bitcoin has been trading in a extended corrective part following its 2025 all-time high, and a chart revealed alongside McGlone’s commentary reveals that Bitcoin has always led both equity market upswings and downswings, and if equities are rolling over, Bitcoin might observe.
The chart below reveals Bitcoin’s yearly candle alongside the S&P 500 index and its 180-day volatility studying. The stock market volatility, which is at a studying of 12.5, is simply too low for 2026. A reversal in that development could lead on to additional declines for Bitcoin, which is already exhibiting indicators of rejection above $70,000.
Bitcoin Yearly Chart. Source: @mikemcglone11 On X
Bitcoin must maintain above $75,000 to invalidate the state of affairs of a crash to $10,000. Failure to do so, according to McGlone, opens the trail to a deeper reversion to as low as the $10,000 vary, which he highlights as a long-term equilibrium zone since the introduction of futures markets in 2017.
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