What does it mean by Open Ordersin crypto?

🔓Open orders are those unfilled and working orders still in the crypto market waiting to be executed. It is sometimes called backlog orders that come from many different order types.

📍Here is an example of how Open Order happened:
📊If the market price for Bitcoin is $10,000 and you placed a limit order of buying 1 Bitcoin for $9,990, this will be an open order until the market price reaches $9,990. Now, if the market price doesn’t reach this limit, it will stay as an Open Order for a limited time.

📝When an order is placed on the exchange, there are two options. Either an order can be placed on the exchange for someone else to take, or we can take someone else’s open order that is already available on the exchange.

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