First of all: MWEB is a major upgrade not only to LTC, but also can affect BTC. That’s because it is been build as an Extension Block, that can be detached to LTC. This effort takes time and will bring a major quality to LTC that could be extended to BTC: fungibility.
Second, LTC has already a large user base and is being used by many many people for many years. This is not true for most of the coins you see on the market. Many of them will eventually disappear.
Third, speculators speculate. This means that there’s a reason for the “outperformance” you meant. LTCBTC ratio was declining, yet, if you look at the charts, there were always people willing to buy. You didn’t saw a huge drop at once. You saw a slow pace decline, meaning “bulls” were there to buy, they were just not controlling the price.
Four, this scenario is changing. LTC already climbed from 0.0032 to 0.0049 and made some necessary corrections along the way, meaning it has a solid growth. Also, LTCETH seams to be at the very reversion point. After reaching 0.065, it is reversing the trend and the actual price is at 0.06989. After reversing ETH, the game will change for LTC.
Don’t forget that ETH growth is also driven by large miners fees and by now ETH got some major concurrence players (ADA/BNB). LTC didn’t get this price inflation driven by fees that BTC had in the past, and ETH got these days.
Miners are mining and healthy without the ‘huge fees incentive’. Network is zero-downtime charging less fees than most.
Welcome to LTC.