This is great to see and I like your straight forward explanations and analysis... and admitting that there is some uncertainty to the causes. There is definitely some logic that Steem is benefiting from BTC going down and being overpriced. But there are many altcoins and Steem seems to be doing the best. My guess is that one advantage Steem has over the others is the vast social network and the Steemers that are mostly heavy bloggers, You-Tubers, etc. The bloggers and You-Tubers, etc. being attracted to this new platform is great because they will naturally market it. The trick now would be to make sure that the momentum keeps going and those that are new to Steemit enjoy it and stay interested... like me.
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Bingo! Nicely put. It seems to be happening at the right time too as the site is getting ready to accomodate the masses!