Bitcoin has gained, and plunged, well over $1,000 in less than 24 hours.

The digital currency dropped more than 18 percent from a record high of $11,388.33 to current levels around $9,292 on Wednesday, according to CoinDesk. Trading was extremely volatile as exchanges struggled to keep up with the surging demand..

Trading volume was a whopping $9.75 billion over the last 24 hours, according to CoinMarketCap, compared to $2.26 billion for digital currency ethereum.

Coinbase, the leading U.S. website for buying and selling bitcoin, reported record high traffic Wednesday. Services were unavailable for some customers. Coinbase’s GDAX exchange also reported “performance issues and downtime” Wednesday afternoon ET. The company said it is working to resolve the issues.

“It’s definitely been going a bit parabolic over the past few weeks. I think today’s action marks somewhat of an inflection point,” said Jonathan Krinsky, chief market technician at MKM Partners. “But it’s still 200 percent above its 200-day moving average, so it’s not surprising to see some consolidation here.”

That all-time high itself came as bitcoin’s gains accelerated. About a week after crossing above $8,000, bitcoin topped $9,000 Sunday before soaring above $10,000 Tuesday evening.

— CNBC’s Fred Imbert contributed to this report.