Why is Steem cheap?

I'm not an expert when it comes to cryptocoins, but could we explain why Steem has been declining in price from the high value of $4.50?

Personally, I think one of the main incentives for people to produce articles on steemit is the result of the monetary reward, and many people want this reward in more easily usable forms such as Bitcoins, hence there is a great desire to sell it when it is received, and hence the decline in price. It is difficult to generate the demand required?

Steem may not rise because it is not widely acceptable because it is not stable, because everyone wants to sell it.
If this is the case, how can we generate demand for Steem?

What's your opinion on this matter?