This Underdog Stablecoin Could Top Ethereum and Bitcoin-Shockwaves Ahead

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In the pale glow of screens, where figures drift like pale moths over a sleeping field, the market whispers of unlikely turns. Bloomberg’s Mike McGlone, with the gravity of a man who has weighed suns and coins, suggests that a quiet rider-Tether, the USDT-may swell with such calm resolve that it tilts the ledger of the two giants. Bitcoin and Ethereum, once the loud drums of the commune, now seem to listen as a softer chorus grows: the stablecoin’s ascent, patient and unflustered, may be only beginning, while the old kings drift perhaps toward the shadows they once chased.

The Quiet Contender Gains Ground

McGlone, a senior macro strategist who sits at Bloomberg Intelligence like a lighthouse keeper during a fog, has pointed to Tether (USDT) as the asset most likely to redraw the crypto map in the coming hours and days. The market, that vast bazaar of tokens, has swelled into a forest of possibilities. Yet in a note this week, the navigator notes that capital now drifts toward instruments that carry stability and usefulness, especially when the macro weather grows cloudy. USDT, with a steady hand, seems to be leading the way-and the other currencies follow, as if drawn by a distant, patient star.

There is talk of a flippening, not the long-standing fairy tale where Ethereum lunges past Bitcoin, but a far quieter, more stubborn rival rising. “I expect the flippening to continue,” McGlone writes, “with Tether’s assets under management topping Ethereum in 2026 and eventually Bitcoin.” A paradox wrapped in a smile-the giant market occasionally chooses a calm horse to ride home through a storm.

The distance between the two usual rulers has narrowed in the last circle of the year. Ethereum hovers near a market cap around $272 billion, while Tether sits around $184 billion. A year ago, the stablecoin stood at $144.2 billion, a rise of 27.6% in the seasons since. Tether now holds roughly 58% of the global stablecoin market cap, and together with USDC, the two claim about 82% of the entire stablecoin domain.

Bitcoin’s Long Road Back To $10,000

With a hat tipped toward the steady coin, the same voice speaks of a stark, almost weather-beaten fate for Bitcoin. A shadowed forecast, not a howl of doom, but a possibility that the price could fall to as low as $10,000. Bitcoin has wandered in a long corrective journey since its 2025 peak, and a chart that accompanies the note shows the rhythm of Bitcoin leading both the rise and fall of markets, a stubborn dancer pacing the steps of equities. If the stock market stumbles, some believe, Bitcoin might follow, as if tethered by a thread to the wider currents.

The chart below binds Bitcoin’s yearly candle to the S&P 500 and its own 180-day volatility. Volatility, currently measured around 12.5, is seen as too meek for the year ahead. A reversal in that tavern of fear could push Bitcoin further down, even as it seems to pause, above the $70,000 line, as if listening for a sign that the music might not stop at that note.

To invalidate the prophecy of a deeper pullback, the banner must hold above $75,000. Should it fail, McGlone suggests, the door opens to a broader retreat-perhaps toward the quiet, long-term equilibrium that futures markets have known since 2017, a resting place where the wind does not howl too loudly, only whispers of what could be.

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2026-04-09 21:22