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**Stellar (XLM) Rockets 6,253% in Liquidation Imbalance in One Hour**
In a shocking turn of events, Stellar (XLM) has experienced an unprecedented surge in price, skyrocketing by an astonishing 10% within the last hour. This sudden and drastic increase in value has triggered a massive wave of liquidations, with short position traders facing substantial losses.
According to CoinGlass data, the number of short positions wiped out reached a staggering $160,090, as the cryptocurrency’s price suddenly surged in the market. The unexpected uptick in price occurred simultaneously with a slight upward movement across the broader crypto space.
As a result of this liquidation imbalance, XLM’s price has skyrocketed by an incredible 6,253% within the past hour. This extraordinary price rise has left many traders reeling, as they are forced to cover their short positions at higher prices than initially anticipated.
The rapid price increase may be attributed to the recent release of Stellar Core v23.0.0rc2, which is expected to introduce a new Core Advancement Proposal to the network. Although not yet fully live, this development has already triggered an 8% price jump, propelling XLM’s value upwards.
In the midst of this price surge, Cardano (ADA) dominance rises, as its price experiences a minor upward movement. The cryptocurrency is on the verge of breaking out, with a reversal brewing.
Source: u.today
