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Tracking the Cryptocurrency Market with CoinAPI using Python

Quotes - Level 1 Market Data

Explore how to access and use Level 1 market data or quotes from CoinAPI. Understand the role of base and quote assets, bid and ask prices, and how to retrieve current, latest, and historical quote data for cryptocurrencies using API endpoints.

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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. ...