Litecoin has now become a "safe" play - not the most profitable play. So, if you want to make ridiculous returns, the formula remains buy a low price coin where small changes in price are magnified to produce large percentage moves. Risky, but potentially rewarding.
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Yes, but you should pick a coin that has good fundamentals. Otherwise, it is sheer gambling. I have written some posts about that. Take a look at them.