True, though Litecoin was just sitting there as a duplicate coin. It has no application rather than just being a currency which was completely inherited from Bitcoin. On the other hand Ethereum is a platform in itself, it had to steal the show as it was unique as compared to any of its competition. Though BTC / LTC and ETH will remain dominant in cryto space.
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That was before. Now it has implemented SEGWIT and lightning network, it is a better coin. Market seems to agree as Litecoin holds steady at $45 while Bitcoin and ETH fell way lower