Quotes - Level 1 Market Data

What are quotes?

We need to have a basic knowledge of market data prior to discussing what quotes are. Market data is essentially the data that we obtain from a cryptocurrency exchange. This data informs the stakeholders of the latest prices and other financial information for a particular cryptocurrency.

Market Data has three different levels. Level 1 market data is referred to as quotes, since it provides trading data on an asset pairAn asset pair consists of a base asset, the asset we want to buy, and a quote asset, the asset with which we want to exchange the base asset.. On CoinAPI, we can fetch the level 1 market data using the quotes endpoint. Quotes provide fundamental price data for a cryptocurrency, and the best ask and bid prices.

Note: The ask and bid prices are the most important components of the quote data. The ask price is the price at which a trader is ready to buy a crypto asset while the bid price is the price at which a trader is ready to sell a crypto asset. ...