{"id":148880,"date":"2026-04-09T17:00:49","date_gmt":"2026-04-09T17:00:49","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=148880"},"modified":"2026-04-09T17:00:49","modified_gmt":"2026-04-09T17:00:49","slug":"bloomberg-analyst-predicts-this-underdog-will-flip-bitcoin-and-ethereum","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=148880","title":{"rendered":"Bloomberg Analyst Predicts This \u2018Underdog\u2019 Will Flip Bitcoin And Ethereum"},"content":{"rendered":"

Bitcoin and Ethereum\u2019s dominance is being directly challenged in a new outlook from Bloomberg Intelligence strategist Mike McGlone, who believes that an unexpected contender<\/a> is positioning itself to overtake both.\u00a0Tether USDT\u2019s market cap is steadily closing in on Ethereum, and Mike McGlone thinks the stablecoin\u2019s ascent is only getting started, while the two largest cryptocurrencies may be headed in the opposite direction.<\/p>\n

The Unlikely Contender Gaining Ground<\/h2>\n

Mike McGlone, senior macro strategist at Bloomberg Intelligence, has singled out <\/a>Tether (USDT) as the asset most likely to reshape the crypto market hierarchy in the near future. The crypto market has grown massively in recent years and is now flooded with millions of tokens. However, in a recent note issued this week, McGlone noted that capital is gravitating toward instruments that maintain stability and utility, especially in uncertain macro conditions, and Tether\u2019s USDT is leading the charge.\u00a0<\/p>\n

Interestingly, McGlone also talked about a flippening of the crypto market ranks. However, this flippening is not the long-speculated scenario where Ethereum overtakes Bitcoin but a far less anticipated one where the dollar-backed stablecoin quietly surpasses both. \u201cI expect the \u2018flippening\u2019 to continue, with Tether\u2019s AUM topping Ethereum in 2026 and eventually Bitcoin,\u201d McGlone wrote.<\/p>\n

The gap between the two assets has narrowed considerably<\/a> in the past year. Ethereum\u2019s market capitalization currently stands at approximately $272 billion. Tether\u2019s market cap, meanwhile, is around $184 billion.\u00a0<\/p>\n

This time last year, the stablecoin was sitting at a $144.2 billion market cap, making it a 27.6% growth over the past year. Tether currently controls about 58% of the global stablecoin market cap, and together with USDC, <\/a>the two account for around 82% of the total stablecoin cap.<\/p>\n

Bitcoin\u2019s Long Road Back To $10,000<\/h2>\n

McGlone pairs this stablecoin outlook with a notably bearish stance on Bitcoin. According to him, there\u2019s a huge possibility of the Bitcoin price crashing to as low as $10,000.\u00a0Bitcoin has been trading in a prolonged corrective phase following its 2025 all-time high, and a chart published alongside McGlone\u2019s commentary shows that Bitcoin has always led both equity market upswings and downswings, and if equities are rolling over, Bitcoin may follow.<\/p>\n

The chart below shows Bitcoin\u2019s yearly candle alongside the S&P 500 index and its 180-day volatility reading. The stock market volatility, which is at a reading of 12.5, is too low for 2026. A reversal in that trend could lead to further declines for Bitcoin, which is already showing signs of rejection<\/a> above $70,000.<\/p>\n\n

Bitcoin Yearly Chart. Source: @mikemcglone11 On X<\/a><\/p>\n

Bitcoin must hold above $75,000 to invalidate the scenario of a crash to $10,000. Failure to do so, according to McGlone, opens the path to a deeper reversion to as low as the $10,000 range, which he highlights as a long-term equilibrium zone since the introduction of futures markets in 2017.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin and Ethereum\u2019s dominance is being directly challenged in a new outlook from Bloomberg Intelligence strategist Mike McGlone, who believes that an unexpected contender is positioning itself to overtake both.\u00a0Tether USDT\u2019s market cap is steadily closing in on Ethereum, and Mike McGlone thinks the stablecoin\u2019s ascent is only getting started, while the two largest cryptocurrencies […]<\/p>\n","protected":false},"author":0,"featured_media":148881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-148880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/148880"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=148880"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/148880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/148881"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=148880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=148880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=148880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}