you are right about Steem's value depends on two things, but things are different :)
- Steem is cryptocurrency as other cryptos, so the main thing for value of token is volume of trading in Exchangers, because steem have blocktrades volume is like x10-x25 lower than in reality, so people think steemit suck and not trading actively.
- As any cryptocurrency we need news , like smarttokens and so on , even if its just announce price increased like 50% last time, but because steem dont have news department and so on , price is going down , because people dont see news.
Thats 2 factors are main.
Those things matter for the current price value of Steem, I was talking about the intrinsic long-term "value." You are right on volume and the lack of marketing being the reason that Steem's speculative value isn't raising like other cryptocurrencies.