Bitcoin surges to $11,000 before plunging 18%, recovers from day's low

Bitcoin saw a massive, sudden spike just after it broke through a closely watched milestone Tuesday night. The cryptocurrency traded at an all-time high of USD 11,377.33, according to industry site CoinDesk.

However, shortly after reaching the milestone, the cryptocurrency plunged 18 percent to USD 9,292 on Wednesday. Bitcoin then attempted recovery and in the late afternoon and was trading around USD 9,795.

Much of that incredible gain had come in just the 12 hours after the cryptocurrency smashed through the USD 10,000 mark that many analysts had been hyping for months.