I absolutely agree with you as pointed out in this blog. Here is my own analysis further to the rising price of STEEM :-

(1) I have observed the synchronisation between STEEM and SBD from last 30 days. If you check once SBD price was 1 usd and then suddenly it goes above 10 USD and steadily traded there and after that the delegation market of steem power suddenly looks lucrative and people want delegated steem in order to earn more SBD. And now see the effect of STEEM the steem has gone up, becuase people are no more powering down their steem power.

(2) In last 30 days if you check, the liquid steem is constantly decreasing, which means less number of liquid steem is being generated which is otherwise pushing the price because of supply/demand factor.

(3) If you see the ALEXA rank, then steem has constantly improved its rank, particularly in last 60 days, which is a good sign.

(4) People have already understood that, here when they engage in this community there is certainly a reward whereas there is no such reward in facebook or other social blogging site.

(5) Technically I do see any price of steem below 10 usd as undervalued, so the demand of steem is still on.

Thank you so much @swissclive and Have a great day.