Senior market strategist Mike McGlone, in his latest assessment of the cryptocurrency markets, issued a notable warning that Bitcoin could fall to the $10,000 level in the long term.

McGlone stated that Tether has surpassed Ethereum by market capitalization to become the second-largest digital asset in the crypto ecosystem, which he described as a significant indicator of the transformation within the sector.

According to McGlone, Tether, a US dollar-backed stablecoin, is increasingly taking on a central role in the crypto market. The analyst notes that the adoption of the dollar as a base layer by crypto assets and the large holdings of US Treasury bonds by stablecoin issuers are strengthening ties between the US financial system and…