I'm not an expert but have studied economics and have done a sh*t load of reading on bitcoin and litecoin in the last few weeks - my 2 (litecoin)cents would be that the value of the two currencies is definitely interconnected because as people buy bitcoins the demand for litecoins indirectly goes up as well thus increasing the price of litecoins. I can't find the article unfortunately but I also read somewhere that litecoins can in theory be considered like the lesser denomination coins of the bitcoin currency, like in some countries you have $2 or $1 dollar coins in a golden-like colour and the $0.x coins in a silver-like colour. Overall I think it'll take some time before the correlation of the value between BTC and LTC will be linear or direct - currently, if that, it will have an indirect impact on the value but once the BTC value settles somewhere it is only logical that LTC will follow the trend. HTH
