The price of cryptocurrency usually varies due to constant trades happening in the market by buyers and sellers. Whenever a buyer places a limit buy order, this creates a bid in the market that’s recorded in the bid order book. This bid order book is filled with similar bids with different prices at which buyers are willing to buy a cryptocurrency. When the bid orders overwhelm the ask orders, this indicates a positive trend and high demand of crypto in the market.
This screenshot represents an example of a Bid order book in the Tradebits exchange. The first column of Price shows the price per unit of ETH in XBITS i.e 9350 XBITS for 1 ETH in the first row. Similarly, the second column shows the number of desired ETH to buy i.e 2.71 ETH in the second column of the first row. The last column shows the total bid price of the buying order i.e 9350 XBITS multiplied by 2.71 ETH equals to 25376 XBITS. This means that the buyer is willing to buy 2.71 ETH for a total price of 25376 XBITS.