I generally agree with your assessments here. The broad availability of STEEM on exchanges can create demand and increase price. However, the fact that most STEEM is powered up does not explain why it has remained low. In fact, in could be the opposite! Steem Power is illiquid as it takes weeks to release and be available for sale. Therefore, supply is suppressed (low) which creates an imbalance if demand would come into the market as there would not be enough supply immediately available for sale which would drive prices up! As you state, as users start to increase, exchanges will want to provide more liquidity as it should also bring demand. Thanks for your content!
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I don't think I said that the powered up STEEM explains why it remains low. I mentioned that it should be higher due to low liquid supply.
If steem has purchase power beyond or even within the platform for goods and services the dollar parity will also rise