This is a real undervalued gem right now. It used to be in the top 20, have no idea why it's gone down. Development has been solid, and their smart contract and TX/s capability is much better than ETHs, it's essentially a better version of ETH. I think Waves will take off again soon.
The possibility why waves drop their ratings on the market cap is all because of the newly hyped and pumped coins which overtook some of the positions of the good coins out there if you will observe the top 20 coins right now some of them are newly created coins or some unpopular coins, got hyped or pump by some groups of whales to attract investors, that's their common way of making such coin more famous and costly.