Have We Reached a Party Re-Alignment Tipping-Point?

Eating lunch today and seeing the news about what Romney was saying about Trump, I just had (for the first time) a very strong feeling I was watching the destruction of the Republican party and perhaps the beginning of a kind of weird new re-alignment of the parties.

Is the two-party system about to permanently dissolve (finally) due the pressures presented by being a large, modern, and diverse country?

Is it just the wheels coming off the Republican Party permanently?

Is the Democratic party as participating in this 'change'?

I don't really have a dog in this fight, I was just curious to see what other people are thinking at the moment.