Doubt it will put Minecraft in the shadows. Remember in the early days before Minecraft released on different platforms? There were all sorts of Minecraft clones(CastleMiner, FortressCraft, etc.) on every console fighting to own that platform.
For Hytale to take over the top spot it would have to catch everyone's attention the same way that Fortnite did which, while the game looks amazing and I personally may get it on release, doesn't seem very likely. This is actually the first time I've heard of the game.