Why is cbETH worth more?

Could you please explain to me why cbETH holds a higher value? What are the underlying factors that contribute to its increased worth? Is it due to its scarcity, the utility it provides, or perhaps a combination of various attributes? Could you also elaborate on how the demand for cbETH might be driving up its price? I'm particularly interested in understanding the reasons behind its higher valuation in comparison to other cryptocurrencies. Thank you for your insights.