It's pretty easy to explain actually (I think)
- There are many who don't know anything about Steem/Hive and are just buying it because they know Justin Sun is involved
- Some might actually think it's a good investment (after all, there is some activity on steemit.com)
- From a technical perspective an upward break out is almost guaranteed. As long as Justin will be involved and SteemInc won't quit, there won't be a ripple effect and cause the price to crash
I think steem will be here until either Steeminc or Justin throw in the towel. It might be years actually and who knows, maybe Steem will turn out to be more successful in terms of token price (although we all know that Hive is the better chain)
Thank you for sharing your thoughts, it makes sense indeed. On the other hand, it would mean that the crypto market can be manipulated really easily as people don´t even know/care what they are buying/supporting...
yeah, I think that is a caveat... I think it should get better when cryptos get a wider recognition and demand in return also increases