Absolutely! You know, since there's no real reliable way to value cryptocurrencies, I've followed a set criteria to determine whether I'd invest. This criteria includes a solid team w/ commitment to fulfilling roadmap goals. A solid community behind the project. And a live/active product with users. With projects like ETH and STEEM we have this, and it's the strength and as you say "backbone" driven by these elements that give me the confidence to keep holding for the long term.
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Steem also has aspects of known value tech, like Reddit, Facebook, Twitter, StackOverflow, etc. All of which are high valuation companies. $10 Steem is a gatentee imo!