Litecoin vs Bitcoin

I am not a crypto currency or blockchain expert, however, I have done a little research. When comparing Litecoin and Bitcoin I do not understand the price gap?

They are basically the exact coin in design as far as I can tell. There are 4x as many Litecoins but Litecoin is also 4x as fast. Going forward in the future I think Litecoin might actually be more functional.

What I do not understand is why Litecoin does not trade at 25% the price of Bitcoin and currently be in the $600 -$700 range. Is Litecoin just that undervalued? Is it the popularity of Bitcoin and being the first in the block? Or is Litecoin due for a big jump up?

Can someone with more expertise explain the price gap to me between Bitcoin and Litecoin?