The bid price is the highest price that a buyer is willing to pay for an asset, like the maximum offer someone makes at an auction. It's always lower than the ask price, which is the lowest price a seller is willing to accept.
Example
"I set my bid price at $50,000 for one Bitcoin, but so far no sellers have taken me up on it."
"If you want to buy an asset, you need to either meet the current ask price or wait for a seller to accept your bid price."
The bid price is the crypto equivalent of ""Name your price!"" It's the highest amount a buyer is willing to shell out for a token or coin.
In a way, it's like being at an auction, but instead of waving around a little paddle, you're just furiously typing numbers into a computer.
If you're trying to sell your crypto, you'll want to pay close attention to the bid price.
The higher the better, obviously - unless you're one of those people who likes to buy high and sell low. In which case, maybe just stick to collecting Beanie Babies.
Example
"I've been watching the bid price for my favorite altcoin all day. I'm waiting for it to hit 0.69 ETH before I sell. Nice."
"The bid price is so low right now, you'd think people were trying to buy bags of dirt instead of digital gold."
