I have a card in my account with multiple editions, 1st, 2nd and so on, what does that mean?

So, basically the very first time that a set drops it’s called 1st edition.

Then every time we restock the set, it is the corresponding edition.

So 2nd edition is the second time the set drops and so on.
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But it looks like in each edition the number of cards available goes up, the 1st edition will say 500 count and the 2nd is 1000. Why is that?

We double the count of each corresponding edition. This is in part to make sure the value of that low count 1st edition is retained, and part to give more people the chance to complete the set.
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Are 1st editions worth more?

Yes. 1st edition cards are always going to be a lower count than all the other editions of the card, and 2nd editions do not impact the value rank the same.
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I have lows in 2nd edition, why is my rank not changing?

Because the 1st edition pressing has much more weight when it comes to value. That’s how the system is set up, making 1st edition more valuable overall.