Bloomberg Intelligence analyst Mike McGlone forecasts that Tether (USDT), the leading stablecoin, will eventually overtake Bitcoin and Ethereum in market capitalization. According to NS3.AI, this prediction comes amid ongoing price declines in major cryptocurrencies. Despite a significant downturn in the overall crypto market, stablecoins like USDT and USDC are experiencing rapid growth, fueled by increasing demand for their utility beyond trading. Industry experts anticipate Bitcoin and Ethereum prices to drop to approximately $50,000 and $1,400, respectively, reinforcing the narrative of stablecoins gaining dominance.

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