Waves will anyway eat a part of the ETH capitalization because with atomic swaps, you can host your tokens and trade them on the Waves client without the need of a third party.
Since the creation of tokens is much easier on Waves, this coin should have eaten big chunks of ETH capitalization quite some time ago already.
What I want to say is that market and speculation doesn't always care of better functionality, hype may have a much bigger role.