I think so after the major upgrade ethereum has been improve a lot and there so many eth has been burnt.
There is a big chance for ethereum to beat bitcoin in top 1 marketcap, i think it just matter of time ETH to take 1st position from bitcoin.
It can happen, but taking over the first position on coinmarketcap is a very difficult thing for ETH because the one in first place is Bitcoin and it is the king of all coins so the difficulty of taking his position is clearly very visible even though it can be very possible.
supply will be main problem why ethereum difficult to replace bitcoin as first place in crypto currency market. fundamentally it have equal quality moreover ethereum have smart contract feature. while core developers doing something with eth supply and network fee , i am believe it will explode soon and possible to replace bitcoin.