What is the significance of bid size and ask size in the cryptocurrency market?

1 answers

• jenniferthodgesyzlJun 16, 2023 · 2 years ago
  At BYDFi, we understand the significance of bid size and ask size in the cryptocurrency market. The bid size represents the demand from buyers, while the ask size represents the supply from sellers. When the bid size is larger than the ask size, it indicates a higher demand for a particular cryptocurrency, which can lead to an increase in its price. Conversely, when the ask size is larger than the bid size, it suggests a higher supply of the cryptocurrency, which can result in a decrease in its price. Monitoring the bid size and ask size allows traders to assess market sentiment and make informed trading decisions. At BYDFi, we provide real-time bid size and ask size data to our users, empowering them to navigate the cryptocurrency market with confidence.
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