As a result of the recent bull trend, STEEM market cap is hovering around $1 billion.
If it will stabilize here (or beyond) this marks an important milestone for this project.
Let's look a bit at other tokens.
Ethereum hit that spot in March 12th, 2016 and it now sits at a staggering $83 billion.
Litecoin hit this mark on May 05th 2017 and it now sits at $17 billion.
Just a year ago, $1 billion market cap would have been enough to reach the top 10 cryptos. Right now you can only get a place in the 30-40 range, after tokens like Bytecoin, BitConnect or Tron.
If I would have to speculate over the reasons for this appreciation of STEEM, here are my opinions (uneducated guesses, obviously):
- real life product validated over more than 1 year
- SMT launch in sight
- overall positive sentiment towards cryptos during the last couple of months
It's hard to say how much any of these weighs in, but my 2 cents will be that SMT is probably what gets investors excited. Once launched these Smart Media Tokens may have a similar effect with what ERC20 tokens did to Ethereum. Namely skyrocketing from $1 billion to $87 billion in one and a half year.
I know, there are fundamental differences between Ethereum and STEEM, so it's not correct to use a 1 to 1 mapping. But still, the disruptive potential of the technology is there.
Now it's all about execution.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me 
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