A market order is a type of order to purchase or sell a cryptocurrency immediately at the best available price.
In the context of cryptocurrency trading, a market order is a type of order to buy or sell a cryptocurrency immediately at the best available current price. Traders use market orders when they prioritize order execution speed over the price at which the order is executed. A market order is filled by matching with the best available limit orders on the book. It's important to note that due to market fluctuations, the final execution price for a market order may vary.
If a trader wants to purchase Bitcoin immediately, they could place a market order to buy. The order would be executed at the best available price. If the top sell order is 1 BTC for $10,000, and the next is 1 BTC for $10,001, and they place a market order to buy 2 BTC, they would spend $20,001 total.