Will a $700 turntable outperform a CD player?

There is NO question streaming is the way to go to explore new music. The access to new (even old) recordings is amazing. Some streaming services are better than others. But hands down, for  variety and convenience, streaming cannot be beat. 

@guy-incognito

Thank you. You have convinced me that I need to look into it. I was in an audio shop in Richmond, VA where the manager was talking about streaming. I'll see what they recommend. I understand that some services have better SQ than others. Any suggestions?

@geof
If that's the case then maybe I could find the recording of Menuhin and Oistrack playing Bach's Concerto for Two Violins. There's a Youtube video but I've never been able to find the CD.

@dsper

When you compare DAC and hi-fi turntable the music itself is important, on vinyl you must have original pressing of the well recorded albums from the analog era (recorded and mastered in analog). Those albums are pure magic, if your system is not capable to reproduce music from those albums it is your system fail, not the LP. 

When you're listening to modern music (digital files) it is recorded digitally and mastered digitally, often compressed. In this situation you can hear exactly what's on the master. 

To do so with analog you need a Master Tape or Direct Cut record. 
Or very well recorded and pressed LPs (not re-issues). 

For vinyl you need a decent phono stage in your analog chain. 

MAYBE depends on the cd player if it is an Esoteric K03XS then yes.

Yes.

Mission 775S turntable, $100-200
Grace G707 tonearm, $100-150

Phonostage, $250-1500
Cartridge, $100-10,000

Any of that, in good condition, set up well, will outperform CD