Bitcoin Cash is up by 20% from its low on 19 August, thanks to…

ambcrypto.com:

Bitcoin Cash [BCH] has turned out to be one of the best cryptocurrencies that one could have bought during the weekend.

Last week’s crash triggered a sell-off across the crypto spectrum. Most of the top cryptocurrencies have struggled to recover due to fears of more downside.

However, BCH has already bounced back by more than 20%.

The token climbed as high as $139 in the last 24 hours at press time. This peak represents a roughly 23% upside from its weekly low of $111.

Source: TradingView

Bitcoin Cash’s robust bounce back from last week’s lows suggests that it attracted heavy accumulation.

Whale activity metrics confirmed that there was indeed a significant wave of buying activity.

The whale transaction count metrics registered an increase in whale activity, especially from 22 August.

This was around the same time that the price embarked on more upside after the extended downside on 19 August.

Source: Santiment

The increased whale activity was also backed by a substantial increase in the number of daily active addresses. Almost as if retail buyers were responding to the whale accumulation.

The metrics collectively confirm that BCH managed to command healthy demand that culminated in a noteworthy rally.

There was enough buying volume to trigger a bullish cascade as investors sought the next best opportunity after last week’s crash.

Moreover, the 30-day MVRV ratio confirmed that there was strong accumulation after 19 August.

As a result, it registered an uptick, confirming notable profitability for those who bought the recent bottom.

Source: Santiment

Just last week, Canadian regulations enforced a $30k CAD buy ceiling on non-ETH cryptocurrencies. Bitcoin Cash was among the four cryptocurrencies exempted from the rule.