Yes, it's possible, regardless of supply. For now, it all comes down to demand.

Unlike Gold and the $USD which have matured over centuries, crypto is still in its nascent stages, so wild fluctuations in the market can occur.

In fact, there was speculation that Ethereum would flip Bitcoin's market cap back in 2017, and Ethereum's supply was more that 4x of Bitcoin.

In the future, the market will settle on which cryptocurrencies remain dominant.