Remember that the high price of bitcoin is the reason NEM price is low (as is with other currencies too)
The $USD marketcap is still about the same it was before the big spike.
Pretty much true, BTC has almost doubled and XEM has almost halved. My position is worth approximately the same in USD, +/- a few percent.
So it would seem that investors in XEM think that this USD market cap is the fair value right now. (and obviously people joining the BTC fomo)