Bitcoin is regaining its dominance of the cryptocurrency universe.
It now accounts for 44% of total crypto market value, the most since October, just before the latest bull market peaked, based on data from CoinGecko.
Bitcoin’s renewed hegemony is a reflection of how the collapse of the TerraUSD stablecoin earlier this month has ravaged smaller tokens like Avalanche and Solana.
The largest cryptocurrecy was down about 1.5% on Friday, making it a relative safe haven compared with altcoins like Avalanche, which tumbled as much as 11%.
Bitcoin has also been outperforming second-largest token Ether, which has been rocked by concerns about a glitch in the effort to make its underlying blockchain less energy intensive.
“Typically, when there’s a correction in crypto markets, altcoins underperform Bitcoin, as they are perceived as higher risk coins than Bitcoin,” said Julio Moreno, a senior analyst at CryptoQuant.