There's high chances of seeing such happen. We have currently seen a project that supersed BTC lately so I wouldn't be surprised or argued in that aspect. Any coin can super ETH without looking back. It's all about team and plans of growth but let's watch and see how it goes but the market is crazy so anything can happen.
Price and market cap are two completely different things. Launch a coin with 1 total supply and see how astronomical its price could get.
Chances aren't high, I'd say. Considering the number of ETH tokens, I would have to guess there needs to be a large bubble pop in the shitcoins balloon in order for it to also fall. There's also a psychological thing that many may not see. We're used to seeing ETH, XRP and BTC at the top. If another coin gets up there, it might emotionally disrupt the markets for a while.
If someone is only looking at the price, then he is making wrong conclusion in the market. Because a project can have very low supply and beat the price level of eth but have you looked at the market cap? So yeah, price and market cap are 2 different things and they should both be considered when comparing alts.
A new project has always the chance to beat eth or bitcoin, as we are living in a world full of surprises. And as we continue to advance in technology, there's always the possibility that someone can create the game changer in the market. But they need to surpass the achievements of these top projects before they can claim their position in the market.