As I explained in a previous post, the price of an altcoin does not show its importance. For the same reason, the marketcap, which is simply the price multiplied by the total supply is a bad indicator of the importance of an crypto-currency. We thus can not use Ethereum total valuation to argue that there is a flippening.
It seems to be a very difficult question, because I still could not understand What is the value of the crypto currency. If you take for example the dollar, then every dollar has its share of gold in the state's Gold Reserve. But Bitcoin, it's practically air, which costs fabulous money.
Its backed by math or the countless hours of computer power from bitcoin farms that cost hundreds and thousands of dollars to build