Bloomberg Analyst Predicts Underdog Flip
Bloomberg analyst predicts underdog flip in the crypto market, with Tether (USDT) potentially overtaking Bitcoin and Ethereum. This unexpected turn of events may reshape the market hierarchy.
Bloomberg Analyst's Prediction
Mike McGlone, senior macro strategist at Bloomberg Intelligence, believes that Tether's stablecoin is leading the charge in the crypto market. With a market capitalization of $184 billion, Tether is steadily closing in on Ethereum's $272 billion. McGlone notes that capital is gravitating toward instruments that maintain stability and utility, especially in uncertain macro conditions.
Flippening of the Crypto Market Ranks
McGlone expects the 'flippening' to continue, with Tether's AUM topping Ethereum in 2026 and eventually Bitcoin. The gap between the two assets has narrowed considerably in the past year, with Tether's market cap growing by 27.6%.
Tether's Market Dominance
Tether currently controls about 58% of the global stablecoin market cap, and together with USDC, the two account for around 82% of the total stablecoin cap. This dominance is expected to continue, with McGlone predicting that Tether will surpass both Bitcoin and Ethereum.
Bitcoin's Bearish Outlook
McGlone pairs this stablecoin outlook with a notably bearish stance on Bitcoin, predicting a potential crash to as low as $10,000. Bitcoin has been trading in a prolonged corrective phase following its 2025 all-time high, and a chart published alongside McGlone's commentary shows that Bitcoin has always led both equity market upswings and downswings.
Key Takeaways
- Tether's market capitalization is steadily closing in on Ethereum's, with a potential flippening in 2026.
- McGlone predicts that Tether's AUM will top Ethereum's and eventually Bitcoin's.
- Bitcoin's price may crash to as low as $10,000 due to a bearish outlook.
- Tether controls 58% of the global stablecoin market cap, with USDC accounting for 24%.
Frequently Asked Questions
What is the current market capitalization of Tether?
Tether's market capitalization is currently around $184 billion.
What is the predicted price of Bitcoin according to McGlone?
McGlone predicts that Bitcoin's price may crash to as low as $10,000.
