Crypto market basics · Lesson 1 of 3
How crypto markets work
Exchanges, pairs, price discovery and market data.
Assets and trading pairs
Crypto markets bring buyers and sellers together to exchange digital assets. A trading pair such as BTC/USDT expresses the price of one asset in terms of another. A pair's price is specific to its venue and market structure.
Prices can differ slightly between venues because order flow, liquidity, fees and settlement arrangements differ. Always check which exchange and pair a quote represents.
What market data tells you
Last price, percentage change and traded volume describe different aspects of market activity. None should be used in isolation. Volume can vary across providers and should be interpreted alongside the price series and timeframe.
Key takeaway
Use these concepts to understand the market, not to assume a particular outcome. Always define uncertainty and risk before making a decision.