You can check out above graph to see how the market cap of Steem has changed over time. The market cap value depends on the value of Steem on that particular day and number of Steem in supply at that day.

How is Steem Market Cap calculated?

The Steem Market cap is calculated using a simple formula. You can find it below:

Steem Market Capitalization in USD = Number of STEEM in supply X Price of one Steem in USD

Since the price of Steem is highly volatile you can see the market cap going up and down a lot. Sometimes price and market cap are not linear to each other due to increase in the supply of coins in the market and stable or decrease in the price of the coin. So you can say that it's not simple to predict the market cap of Steem or predict the price of Steem.