Around the fork period, in particular, there was uncertainty from investors that now seems to have been removed, although some analysts have warned of further volatility ahead.
But it seems the huge rallies seen in altcoins in the second quarter, was enough to prompt people to get into bitcoin in the September quarter.
“There was risk in the altcoins, people thought they were overvalued and cycled back into bitcoin as a more sensible store of value,” Charlie Hayter, CEO of industry analysis website CryptoCompare, told CNBC by phone Friday.
Still, some of the smaller altcoins saw impressive rallies last quarter. For example, Dash, which has a total value of $2.3 billion compared to bitcoin’s $73.1 billion, was up 82 percent, according to Coinmarketcap.com data. Many of these altcoins have had large year-to-date rallies, coming off a low base, as an increasing number of investors get interested in cryptocurrencies.