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It depends on which period of time we choose to use in the comparision. Steem of 8 USD (February) with 80-90 cents actually, or 20 cents (last Spring) with today's price.

I belive that even 8 dollars will be cheap for steem.
I'm sad that i didnt get in at 0.07-0.08 price range if only i knew about it then.

Why are 8 Dollars cheap? How to determinate real value?

Incresed number of users plus a bitcoin bull run= higher demand for steem.
That is how i see it.