How Steemit has powered the rising price of Steem over the past year

Steem is up 1300% since March of 2017 and it seems to be on the rise. Many people speculate that Steem is heading straight towards a $10 price point. Steem was about 10 cents in March 2017 and it surged to 30 cents shortly after before calming down and settling around 17 cents for awhile. The next surge came this past month. Early May, the price of Steem shot up to $1.20 before it started fluctuating down and back up. In recent trading, Steem has seen all-time highs and price increases seem promising in the long term. As of the writing of this post, Steem is priced at $1.34 USD with a trading volume of just under $10 million USD in the past 24 hours. It has fully recovered from the market correction a few days ago and so has the overall coin market. The overall coin market cap is currently over $90 billion USD.

In my perspective, the Steemit community is the most powerful value behind Steem. As the community has grown and thrived, so has the price of Steem. Steemit was created in March of 2016 and the community has experience nice, slow, organic growth. That is sustainable. If it continues this trend, $10 per Steem is certainly conceivable.