the value of the ether in its functionality, the value of bitcoin in its popularity
This is true.
BTC will keep dominating crypto because many investors are still betting on it without even realising the potential altcoins might have. But that is changing really fast and BTC is losing dominance. Maybe in a couple of years we can see ETH in pair with BTC.
I can't say this is wrong, but the value of bitcoin in terms of an investment tool is different than any other coin. This is coming from its history. Despite all, ethereum's success is constant and it's still growing nicely.