Yes, it can. And it will. There is a lot of successful altcoins besides Ethereum and there is no reason for them to be wiped out.
Alts can last for a long period of time especially those alts that has a good purpose because usually those coins really needs to be in the market for a long period of time due to the roadmap they will be going to be successful once the roadmap achieve and those roadmap usually took a couple of years after the ICO.