Yes but it seems to be only selectively tied to BTC.
If BTC rises, LTC rises but less than BTC.
If BTC tanks, LTC tanks with it at an equal or even greater rate.
I don't get the dynamics.
A lot of people think LTC value is tied to BTC value, and this really affects the market.
BTC has a larger audience and user base, so when it goes up there are more people around to buy it up higher, and also more capital to buy the value up higher as well.
But when it crashes, both crash the same because user base does not matter when its crashing, only when its going up.