Just looking at that chart alone we have a clear trend moving sideways with the loss of momentum.
While we would all love to see Steem price skyrocket. Perhaps there are other uses. Even when BTC becomes very violent we are becoming a little resistant to its moves. If Steem becomes a coin that is known for being somewhat stable during the blood times of BTC we create a haven to sit in for riding out the short term weather.
People must be getting tired of every time BTC tanking dump they got go store their money back into fiat money perhaps even sending to a bank to keep it safe. Their only other option is looking at coins to put it into. Some times in down market you’re just happy to minimize your losses with the potential to make gains.
Long term if btc is going go up then we get to enjoy the rise as well. However it then becomes a question of. Would I get more long term value out of BTC or from Steem.
If I had some money right now I would buy steem at a $1 just for the benefits of having some SP. In the long run I am very bullish Steem. We just need to progress further along as a platform. I personal would like to see us move away from selling Steemit primary as “place to make money.” This is the internet everywhere can be a “place to make money.”