Why is ENS so expensive?

Could you please explain why the price of ENS is so high? I've noticed it's significantly pricier than other cryptocurrencies. What factors contribute to its high valuation? Is it due to limited supply, widespread demand, or something else entirely? Also, do you think its price will continue to rise in the future, or is there a possibility of a correction? I'm considering investing in ENS but want to understand the reasons behind its high cost better before making a decision.