Ether - the strongest coin after Bitcoin. Waves is a good project, and I like his prospect of growth. But he can not Wave to bypass the Ether 
we all know that ETH is a very strong coin because the community is large and also has very good technology. ETH is also the most popular coin for people, so ETH will always be above. it will be difficult for other Altcoins to defeat ETH including Wave coins. but if you talk about possibilities, then that can happen because we will not know what will happen later, we just wait for the results later.