Steem is massively influenced by the market both up and down. A lot of Steem's price has nothing to do with what happens on Steemit.com
I don't think 99% of people on STEEM realise this , noone in the outside world knows what the heck is a SMT or a @ned or rc credits.... majority of crypto "investors" are in it for the speculation play and to them STEEM is just a collection of alphabets.