One thing to consider is platforms like Steemit need a userbase to thrive since a lack of activity is boring so it isn't just a linear calculation of this many users should equal a certain market cap. It is a compounding effect.
It's not linear, it's approximately exponential see Metcalfe's Law...
So if Steem has 7x activity, it should be worth 49x more... which it is. Amazing.
Also, the Steem business model fails to attract professional writers...
Experts with a brand that actually know something about a subject are not gonna play a lottery.