For those of you who are new to the world of investing and trading cryptocurrency on platforms like Indodax, looking at the trading (market) page might seem a little confusing. The screen is filled with numbers that are constantly moving quickly, red-and-green tables, and price fluctuation charts.
Amid all this information, there are two key elements you must understand before you start trading: Last Price and Order Book. Although both display price information, their functions and meanings are very different. Let’s break down the differences in simple terms.
1. Last Price
The Last Price is a single numerical value that indicates the price of a real transaction that has just been completed in the market. Every time a seller and a buyer agree on a specific price, their transaction is considered successful, and that agreed-upon price becomes the Last Price. This single number changes instantly (in real time) based on the most recent transaction.
2. Order Book
The Order Book is a table containing a list of prices and quantities of coins from people who want to buy or sell, but whose transactions have not yet taken place. In the Order Book, you’ll see two major groups negotiating with each other:
Sell Order Book (Red / Ask): Contains a list of prices set by sellers currently in the queue. Sellers naturally want to make a large profit, so they queue from the lowest price (at the top) down to the highest price.
Buy Queue (Green / Bid): Contains a list of prices set by buyers currently in the queue. Buyers naturally want the lowest price, so they line up from the highest bid they’re willing to pay (at the top) down to the lowest bid.
The Order Book is like a bulletin board at a traditional market. Sellers post the prices they want on red slips of paper, and prospective buyers post their bid prices on green slips of paper. As long as neither side is willing to compromise, those slips remain posted on the board (in the queue).
Key Differences
| Characteristics | Harga Terakhir (Last Price) | Order Book (Bid & Ask) |
| Transaction Status | Already Occurred (Valid and Complete). | Not Yet Occurred (Still in the planning stages). |
| Data Display | It consists of a single numerical value. | It is a long table showing variations in the price and volume of coins. |
| Main Functions | As an indicator or benchmark for current global market prices. | As a way to see how many people are in line to buy versus how many are in line to sell. |
Why Might the Last Price Differ from the Numbers in the Order Book?
For example, when you observe the market, you might see the Last Price at Rp150,000. However, in the red section (sell) of the Order Book, the lowest price is Rp150,100, and in the green section (buy), the highest price is Rp149,900. Why is there a gap (difference)?
This is perfectly normal. The Last Price will only change to Rp150,100 if—and only if—a new buyer who doesn’t want to wait in line immediately buys coins from the top of the sell queue (Rp150,100). Once that transaction is confirmed, the Last Price will automatically update.