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.
In fact, it will take several years for each of its companies to realize their idea and get the final result. Therefore, you need to carefully consider the pricing requirements of coins.