Yes I think it's got a lot to do with it. But also Steemit needs a better UI, which I'm told is being worked on, but I've no clue when to expect it. The Steemit external Marketing could be improved .
Steemfest I'm not sure will make that much of an impact? Does it affect anybody who doesn't know about Steem yet? I have to admit I'm not sure what Steemfest is, but it sounds like a 'comic-con for Steemians' at first glance. Would be interested to know if it's more than that!
In this crypto market, almost any piece of news or announcement in a coin leads to a bit of a pump. I'm assuming Steemfest, being a large and important event, will drive some press/signups/buying.