(Bloomberg) -- Bitcoin, the world’s biggest cryptocurrency, has always reigned supreme in the land of digital assets. But now, thanks to an eye-popping surge by Ether, fans of the No. 2 token by market value are reviving predictions that it is destined to one day take over the throne.

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In crypto parlance, it’s known as the “flippening” -- and it’s still likely a ways off, if it happens. Ether’s market value of around $210 billion is less than half the size of Bitcoin’s even after Ether surged 50% over the past month. And yet, believers are energized with a fresh optimism as a milestone approaches that they say will increase the chances of it happening -- perhaps sooner rather than later.

“I keep hearing people repeating the question, ‘wen flippening?’,” Quantum Economics Founder and Chief Executive Officer Mati Greenspan wrote in a note, using the crypto-slang employed by market faithful. “Even though there’s no guarantee this will ever happen, just looking at the numbers, it does seem like this event is getting closer by the day.”

Boosters of Ethereum have touted the blockchain as a better version of Bitcoin almost since it was conceived by programmer Vitalik Buterin in 2014 and launched a year later. Bitcoin’s white paper was unveiled in 2008 and credited to Satoshi Nakamoto, the name used by the presumed pseudonymous individual or group who developed it.

Ether has surged in recent weeks as optimism grows over its long-anticipated software upgrade, which will facilitate a move from the current system of using miners to a more energy-efficient one using staked coins. The switch to this so-called proof-of-stake system is expected to take place in September after being kicked down the road for several years. Ethereum developers have recently signaled continued progress in testing the new system, and they are holding a series of events for prospective stakers and other community members in the coming weeks.

QCP, a crypto trading shop, said that its desk has traded “an incredible amount” of Ether call options over the past days, adding that hedge funds have been large buyers. “We expect this demand to continue as we approach the merge in September,” they wrote in a markets update on Telegram.

Ether has gained roughly 50% since mid-June, and Ethereum-related assets have also advanced. Uniswap, a decentralized crypto exchange that’s most popular on Ethereum, has jumped about 70% over the past month, data compiled by Bloomberg show. In the meantime, Bitcoin’s dominance has dwindled to around 40% of the market, down from 70% in January of last year, according to CoinMarketCap.