Yes, this makes sense. Bitcoin is probably not suitable for replacing every and each fiat coin in the world right now as it is and make an unique, universal coin... So another coin will probably replace it, or Bitcoin will evolve so much that it will make no more sense to call it Bitcoin. Only future will tell.
True, though many are chances to replace bitcoin. But in this generation of time bitcoin is too impossible by now to be replace by the other altcoins maybe it will take a long period of time.
Saying impossible is not good because in the first place there are no impossible things in this world, everything is possible and based on my observation this coins like Ethereum and Monero has a chance to replace bitcoin's popularity.