What is a Market Order?
This type of order guarantees that the order will be executed immediately, but doesn't guarantee its price. It essentially executes new the current bids for sellers or asks for the buyers, based on the best available price in the order book.
Using the order book in the picture below, once a Market Order to BUY ADA with CAD is placed and it triggers to buy, the first 2172.5 ADA from the buyer's purchase will be triggered at $0.194 CAD and will take consequently from the orders at a higher price until the position is fulfilled.
On the other hand, once a Market Order to SELL ADA to CAD is placed. It triggers to sell right away to the first 2886.67 ADA available in the order book, in this case, $0.187 CAD. The order will keep taking from the orders below until the seller's quantity is fulfilled.
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