Waves is certainly a good coin, but the market has conquered ethereum. It will not be very easy to bite off a piece from this market of smart contracts. The waves project team does not stand still and each time improves its blockchain, but ethereum is also developing, but there are serious problems there. In the future, some of them will come out on top and may even overtake bitcoin.
I doubt that thing that etherium and waves might overtake bitcoin, however they're both potential to rise its value and by its fame to the crypro world, but I believed no ones will replace bitcoin technology because the more years to come the more countries adopt bitcoin. So on these scenario bitcoin will remain survive in long years.