I do not believe that Litecoin is of great importance in cryptocurrency. This is an ordinary coin which was lucky to make an impression in time. There are a lot of such coins on the market. I don't think Litecoin is competitive. It may become worthless in the future.
For now it's not that competitive anymore, there was ever rumours that its going to be supported by big companies but turned out to be a hoax news, back in the old time, ltc ever become a great competitor for bitcoin, ltc got a very quick transaction speed, its actually a good coin to used, unfortunately the fame is not too big and at that time ltc can't get out of the btc shadow, it will be very difficult now for ltc to beat eth or btc