There have been a lot of positive developments for Steem over the last few months, and the crypto world is finally starting to notice. The fact that we are on top in stateofthedapps helps - and now with the surge in popularity of Drugwars will help with visibility.
Apps like Actifit and Steemhunt are innovators and always coming up with new ideas.
Additionally I think the fact that Steem was recently listed on Huobi has given us a real boost in terms of visibility to new markets.
There are several reasons why the price of Steem is skyrocketing and may continue in that direction until it hits $1 or more. The market sentiment at the moment is positive towards Steem. Investors generally believe that Steem is presently undervalued because of its utility potential and have started to accumulate it.
The accumulation is pushing up the price in the short run pending when Bitcoin answers the call of the bulls.
I will still maintain that there is no better time to buy Steem than now. You may never it this cheap again.
It follows a simple economic principle. When we have more demand than supply, the value of a particular commodity increases. Steem is the said commodity here.
Recently, there has been more buying than selling. And investors and holders of steem like myself have this notion that steem is grossly undervalued as compared to its potential possible market price value.
Also there has been a lot of social media campaign lately for steem on twitter, instagram and facebook leading to increase adoption. This increased adoption and participation consequently has increase the need for people to buy and hold steem now that the market value is still low and quite cheap.
Generally, there may be or not Be specific detailed explanations for the hike. Bitcoin may still also have a role to play in the future bull run hoped for. And steem may get dumped by tomorrow, but we don't wish for that.
If you are twitter, you will notice there is a lot of publicity going on for steem and this driving more people to the platform and investors are buying in and there are less of sellers.
It goes up because there are more buyers than sellers. Vice versa when it goes down. There is not always a logical explanation, a big part is just speculation. So what you have to do is trade the sentiment.