Since steem is like every other alt coin when it comes to its volatility, everything is based on btcs price. As bitcoin has like a 40% market cap compared to all the coins combined, it makes sense that bitcoin is what leads, and he alts follow. Of course there’s times when there’s huge news specific to one coin which can see a massive upturn whereas the entire market in of itself is rather stagnant, but the news has to be very negative or very positive to see changes.