It's not a crash at all. It's just that the price is going down for now due to people cashing out profits, and that's really it. The SegWit hype will be over once it is fully operating, and that's still not the case. I even expect the price to experience a bump to +$20 once activation becomes reality. After that there is nothing more to aim for, and that's when the hype will slowly start to fade, and the price comes down significantly as result.
I disagree a bit, although we don't know what will happen. All depends if BTC finds a way to adopt Segwit or at least a smaller malleability fix like Flextrans that would enable LN. And, of course, of Ethereum's Raiden. If yes, then LTC will go "back to normal".
But if LTC can hold the status as "biggest cryptocurrency with LN" then I think it could get a market cap of well over 1 billion USD. For the short term I think it doesn't depend on the timeline of Segwit activation (because that is fairly immutable) but on the fast availability of a LN implementation for LTC.
I think that BTC will get some pressure to adopt an UASF or another strategy to make Segwit happen, or switch to another malleability fix. We will see higher Segwit signalling rates in some weeks, I think, but not near 95% if Jihan doesn't change his mind.
