Steem is such an interesting and complex cryptocurrency because it features the ability to lock it up as Steem Power, which is an actual use for the coin. It also offers and interesting rewards system that requires a certain level of activity with increasing rewards for quality as defined by the collective pool of Steem Power holders. If your theory is right, this run up in all cryptos will drive Steem much higher to maintain market cap position.
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STEEM has been tracking BTC for almost 6 months. Not an exact price track, but within a fairly narrow range, as STEEM fluctuates between a high in the 20s on coinmarketcap, and never falling below 32th place.