An order that lets a trader buy or sell a cryptocurrency at a specific price or better. When a limit order is placed, a trader has to wait for the asset he's buying or selling to reach a certain price. Limit orders will go to the order book and look at the limit orders already placed. The order book will fill the order once the last price reaches the limit price or better
Example
“A trader placed a limit buy order for Bitcoin at $55,000 instead of the current price of $57,000. The order sat on the order book until Bitcoin dipped to $55,000 and was filled automatically.”