 ▲ Bitcoin (BTC), Tether (USDT) / ChatGPT-generated image © |
Tether (USDT), the leading stablecoin, could surpass Bitcoin (BTC) and Ethereum (ETH) to become the largest cryptocurrency by market capitalization, according to a new outlook.
On February 11 (local time), cryptocurrency media outlet Finbold reported that Bloomberg Intelligence strategist Mike McGlone argued that Tether could eventually overtake both Ethereum and Bitcoin in the long term based on its steady supply expansion. He emphasized that the most persistent trend in the digital asset market is the relative growth of USDT, noting that only Ethereum and Bitcoin currently rank ahead of Tether in terms of market capitalization.
Bitcoin currently maintains the top position with a market capitalization of approximately $1.34 trillion, followed by Ethereum at around $236 billion, while Tether ranks third at roughly $184 billion. Ethereum, in particular, is trading near $1,998 and continues to show weakness. McGlone noted that it has fallen below the $2,500 pivot level, which had served as a key support since 2024, and is trading under its 100-day moving average of $2,900, indicating growing downward pressure.
He identified $1,500 as Ethereum’s next major support level. He explained that this price range could coincide with a scenario in which Tether surpasses Ethereum in market capitalization. Meanwhile, Tether is maintaining its peg at around $0.999 while expanding its market cap through increased issuance. Unlike Bitcoin and Ethereum, whose valuations fluctuate with price volatility, USDT’s growth is primarily driven by rising liquidity demand within the ecosystem and new token issuance.
McGlone further projected that Tether could even surpass Bitcoin. However, this would require USDT’s circulating supply to expand significantly, reaching a scale comparable to Bitcoin’s $1.34 trillion market capitalization. Interpreting the recent market downturn as a structural trend rather than the result of a single adverse event, he also left open the possibility that Bitcoin could fall to as low as $10,000.
As Ethereum’s weakened technical structure, ongoing market volatility, and Tether’s supply-based expansion converge, attention is turning to whether a scenario in which a stablecoin rises to the शीर्ष of the digital asset market could become reality.
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