In traditional financial markets, the buy and sell orders that are placed on a specific market are called bids and asks. While bids are offers in a base currency for a unit of the trading asset, asks are the selling prices set by those holding the asset and hoping to sell. Hence, the asking price is the base price that an individual might want to sell their asset, or the base amount that they need to receive in return for the unit they are leaving behind.
In an exchange's order book, the highest bid price and the least asking price are quick to fill when a trader uses a market order, implying that a selling market order will match the highest bid, and a buying market order the most minimal asking price.
The gap between the least asking price and the highest bid price is known as the spread of the market. A liquid market will in general have a more modest spread in light of the fact that the buying and selling sides are comprised of additional orders (more individuals in the market that will place an order into the order book).
While setting a limit sell order, an individual can characterize a specific asking price, however in the event that their price isn't the most reduced, it won't be the first to be filled. It will basically add depth to the existing order book for this asset. Conversely, while utilizing a market order, traders are not able to set the asking price physically, and their order will be executed immediately as indicated by the best price available (matching the highest bid of the order book).