The ask price is defined as the lowest price a seller is willing to accept when selling a crypto asset. Also known as offer price, it is the minimum amount acceptable among the bids the seller receives when they put up a digital asset for sale in the crypto market.
A market order is processed successfully when a seller selects an acceptable price from the bids received from buyers and proceeds to conduct the exchange. In such an event, the buy order matches the minimum ask price for the particular asset put up for sale in the market.
On the other hand, a sell order is matched to the highest bid received, resulting in a successful market order. In addition, the difference between the ask price quoted by the seller and the bid price quoted by each buyer is called the bid-ask spread.
When trading cryptocurrencies, buyers receive information about two prices listed against each crypto asset - the buy price and the spread information. The buy price is the total amount a buyer has to pay to buy the asset, while the spread provides information on the price slippage, supply and demand, and liquidity of the crypto assets.