Ok, since you seem reluctant to post any meaningful analysis for your side of the argument (price is not marketcap), I'll do some for you.

Litecoin did take a tanking when SCRYPT ASICS were introduced - namely the period between May and August 2014, but that tanking was more heavily correlated (inversely) with what was going on in the Bitcoin/USD market at the time that the Litecoin network hashrate.

Over the long term, there is some inverse correlation with price but when this is adjusted for coin supply and the chart is re-plotted against marketcap, the correlation disappears. The marketcap simply responds to prevailing commercial and market priorities, not hashrate (although hashrate follows if marketcap increases or even stays the same). We also see that price periodically adjusts itself for increases in the coin supply, which isn't a function of hashpower. (in Litcoin's case it corrected up the way because the market had over compensated for inflation during the year previous to July 2014).

Litcoin's marketcap has nearly doubled in the 12 months. Even that huge price spike of last summer only shows as a modest blip on the marketcap profile - a slight correction for the drift down of the previous year. At the same time, the hashrate has increased - a positive thing from a network security, network effect and industrial standing point of view.

So in conclusion, even when there's superficial indications of ASICS adversely impacting on price, when you look into what really matters at an industrial level, the positive correlation between hashpower and marketcap is by far dominant.





NOTE: The Litcoin marketcap Y-axis is misleadingly compressed. It actually doubled it's marketcap between Jan 2015 and Feb 2016 (So did Dash by the way   )



--- Refs ---

ASICS for Litecoin Here they Come Bitcoin Magazine March 2014

Should I Purchase an ASSIC SCRYPT Miner Cryptocoinnews 7th July 2014

Litcoin Hashrate bitinfocharts.com

Litecoin / USD Market Prife Profile bitcoinwisdom

Litecoin Marketcap History coinmarketcap.com