Yes it is.

When the price rises it's because new Steem power comes into play. Thus, the price will go up even more when the miners are distributing their new rewards.

After this the market cap on Steemit will be made up of several smaller coins and these coins will increase in price and importance. This is because the Steem Power comes into the hands of the miners of those coins and the new rewards are distributed to the miners of those coins, but not to Steem people directly. So even when the miners start distributing their newly generated Steem Power, the price will not increase. This makes it very hard to determine how many coins the Steem Power belongs to and that is what we