Possibilities are but I asked myself also why Steem is not reacting to the growth of the market. I guess there is not that much demand for Steem nowadays. Last year must have been more users buying Steem and powering up while this year some of time might have powered down and sold their Steem. Probably. I hope that it will recover though because the blockchain is valuable, it has a great use case and also a future. For now seems that mostly the top ten cryptos are on serious gains. Especially XRP. Let's hope Steem will follow.
Of course it's possible steem price could rise just like it is possible the price of steem can fall more. I think steem price will slowly rise over the 2019 year making this current steem price loll a time of opportunity.
We know that Crypto is un-predictable, but in the last 3 or 4 months, steem price is stays below 1 $, and that's a very sad news for all of us, and it is due to the market, It's not just with steem, it is with every alt coin,
Bitcoin is under some dark clouds and when these will go away, it will take every alt coin with himself to the moon, we just need to wait for the right time to happen,
I know a friend who is into Crypto for so long, and he once told me, It's in nature of Crypto that, The more it go down, it come back with stronger and stronger and last year was the example of it, It can take some time, but it will come back and we will steem rising, May be we will have to wait a year.
Figure crossed and hope for the best.