The Complete Guide to Crypto Market Data: Prices, Charts, Exchanges and Momentum

Part One: What a Price Actually Is

The single number displayed next to an asset is more constructed than it appears, and understanding how it is constructed explains why it sometimes behaves strangely.

Last trade, mid price, and the spread between them

There are at least three defensible answers to “what is the price right now”:

• Last traded price — the most recent executed transaction. This is what most displays show. It is historical by definition, and on an illiquid asset it may be minutes or hours old.
• Best bid — the highest price anyone is currently willing to buy at.
• Best ask — the lowest price anyone is currently willing to sell at.

The gap between best bid and best ask is the spread, and it is the first cost you pay on any trade. On a major pair the spread might be one or two basis points. On a thin mid-cap pair it can exceed 100 basis points — meaning you lose over 1% the instant you enter and exit, before any exchange fee applies.

When you check crypto prices today live chart data, the figure displayed is typically the last trade or a volume-weighted aggregate across venues. Both are accurate as records. Neither guarantees you can transact there.

Why prices differ across exchanges