litecoin is just a copy of Bitcoin.
As open source software that anyone can alter, compile and distribute themselves, it's not the bitcoin software that is currently causing a price bubble of $62.00 USD, it's the blockchain this *particular* implementation of bitcoin is protecting. Basically, the market is saying that this blockchain's security is worth $62. It has nothing to do with being the *only* bitcoin available, just that it's the longest and most active chain. If litecoin were to be just as long and active, the price of bitcoins would go down as a direct result.
Bitcoin is not a precious metal. It is not complimentary to silver as gold is, to the point that Bitcoins would be at $10 and Litecoins at $1. That is all mental acrobatics by people who don't understand investment vehicles and stored digital values. Think of it like a company called "Bitcoin" and another called "Litecoin". Both of them make exactly the same product, but one of the companies is newer, has less history behind it, but their product claims to be immune to some of the problems the Bitcoin company's products are seeing (Apple vs Android anyone?).
If your reasoning for Bitcoin being better is the current spot price, or that "there is only one true bitcoin", you're not understanding what bitcoin actually is. It's just a vehicle for storing value. There can be dozens of vehicles, and each one can have it's own followers that give it a "worth", and it is most likely that the most useful and safest vehicle will be the most expensive.
There can be 100 different bitcoin implementations, and *all of them* can have exactly the same price. As a matter of fact, with the issues of premining, hoarding and limited release, I'd be surprised if a large portion of bitcoins didn't eventually move to a second blockchain once things become unprofitable and a bit too much like the current governmental distribution of wealth we have now. Just my two cents.
