When investing, Im a big fan of diversification of portfolios. I believe that both Ethereum and Bitcoin offer value, albeit in different ways.
Even though Ethereum is positioning itself to become a large platform, the fact that Bitcoin is so well known makes it the first place where people invest.
Is it panic time? No, I don't think so, I think it is still wise to invest in bitcoin. Many are expecting it to grow until the end of the year. And, there was a recent ICO ban in China which would might have a direct effect on ethereum. A number of investors are from China and since most ICO's are ethereum based there might be large decrease in it's value.