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Bitcoin hits a high of $12,045.09, up 30.9 percent from a low of $9,199.59 touched a day ago on CoinDesk.

CoinDesk's bitcoin price index tracks prices from Bitstamp, Coinbase, itBit and Bitfinex. Bitcoin traded about 27 percent above that low at $11,736 midday Thursday.

"Large dips of 25 percent or greater are a feature of the global, super liquid, near-instant cryptocurrency trading environment," Nolan Bauerle, director of research at CoinDesk, said in an email.