Well according to the Activity Valuation Index (AVI) on Blocktivity, the price of Steem is now 1,255x lower than Bitcoin, given their relative levels of blockchain activity. That number is 9 for ETH, 4 for LTC and 1 for Dash. It sounds insane but a >1000x increase for Steem would only put it at approximately fair value according to this metric.
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The thing is: Is Steem undervalued or Bitcoin overvalued? Maybe $1 for 1 Steem is fair price?
Well just put it into perspective, Steem now is the equivalent of about $10 Bitcoin, given the relative levels of activity on both blockchains...