here are alt-coins with way less potential and functionality than STEEM that are still trading for something on the exchanges
If steem wasn't unnecessary inflated its price would probably be around 5$ right now. Steem has much more potential than monero which has 80M market cap. A fair market cap for steem would be between ripple and litecoin. It's crazy how wrong technical decisions can badly influence perceived valuation of a coin
Hehe, true. It is still very early in the game though. The spike caused the system to produce a lot more SBD than would have been generated by a slow steady climb, and the after effects are still working their way through the system today. It will take some time to reach a new equilibrium, but it can become rebalanced again in the long term.