Bitcoin (BTC) and Ethereum’s (ETH) dominance as the top cryptocurrencies might be short-lived, according to insights by Bloomberg Intelligence strategist Mike McGlone.
In an X post on February 10, McGlone argued that Tether (USDT) is on course to overtake both Ethereum and Bitcoin in market capitalization, stating that the stablecoin’s steady expansion could eventually see it rank as the largest cryptocurrency.
McGlone contends that the most persistent trend in the digital asset market has been Tether’s steady rise relative to other tokens.
With most major cryptocurrencies already surpassed in market value, he believes only Ethereum and Bitcoin remain ahead of USDT.
At present, Bitcoin holds the top spot with a market capitalization of about $1.34 trillion, followed by Ethereum at roughly $236 billion. Tether stands third at approximately $184 billion, steadily narrowing the gap with Ether.
Market data shows Ethereum trading near $1,998, reflecting sustained weakness.
Indeed, the analyst outlook indicated that there is a clear break below the key $2,500 pivot, a level that had served as major support since 2024.
The drop was accompanied by a sharp gap lower and continued trading beneath the 100-day moving average (MA) near $2,900, signaling mounting downside pressure.
Ethereum’s next major support
The strategist’s outlook indicates Ethereum’s next major support sits around $1,500, a level that could align with Tether overtaking Ether’s market capitalization.
As things stand, Tether remains anchored at about $0.999 while its total market value continues to expand.
Unlike Bitcoin and Ethereum, whose market caps swing with price volatility, USDT’s growth is largely driven by rising issuance and demand for liquidity across the crypto ecosystem.
Looking ahead, McGlone suggested Tether could eventually surpass Bitcoin as well. Based on current figures, that would require a dramatic expansion in USDT’s circulating supply to rival Bitcoin’s $1.34 trillion valuation.
Though such a scenario would demand significant growth, he argues the broader trend continues to favor Tether’s ascent as he maintains that Bitcoin is likely to drop to $10,000.
Meanwhile, Ethereum’s weakening technical structure, persistent crypto volatility, and Tether’s expanding supply base underpin this outlook.
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