The price of Ethereum (ETH) has risen 16% in the seven days to October 30, its best weekly performance since mid-July of this year.
According to data from CoinDesk, Ethereum is back to outperforming Bitcoin (BTC), whose price rose 5% over the same seven-day period.
On September 15, Ethereum transitioned to a more energy efficient proof-of-stake (PoS) operating protocol from a previous proof-of-work (PoW) one.
Since the switch, Ethereum's supply has increased by 1,300 digital tokens while its price slumped following the transition known in crypto circles as “the Merge.”
But now, the Ether-Bitcoin ratio, which measures Ethereum's price in Bitcoin terms, rose 10% last week, registering its biggest gain since July.
Ethereum's switch to a proof-of-stake protocol has freed the market from daily miner selling. Miners used to sell an average of $40 million worth of Ethereum daily to help fund their operations. But that amount of selling has now dropped to near zero.
Despite the current rally, Ethereum’s price is still down 57% year-to-date and trading at just over $1,600 U.S. per digital token.
