As predicted over the last few months, the NASDAQ (QQQ) composite Index topped the 5,000 mark yesterday, the first time in 15 years. The index last touched 5000 in March of 2000, at the very top of the dotcom hysteria and right before the index crashed around 80 percent to a nadir of 1108.49 in October of 2002.

Since then, it's been a slow but more or less steady climb back up culminating with its 5008.096 close on Monday.

Most analysts say that times have changed and this is not a bubble about to burst once again. Craig Kanarick, CEO of Mouth and co-founder of Razorfish thinks the index will go much higher, partly because the companies in the index are stronger.

“The companies that we're talking about like Apple (AAPL) are much more sophisticated. Steve Jobs was barely at Apple in 2000. But I think also there's a difference in the way people are investing now,” he said.

According to Kanarick the dot-com bubble of 2000 burst because of the rash of IPO's with expectations by investors of 600 percent return in one day. Kanarick believes that today's market is more professional and less speculative and that “we'll start to see this slow down and head up to 7,000 in the next couple of years. “

Difference of Opinion

Not all analysts discount the possibility of a NASDAQ bubble, attributing its historic return as a response to quantitative easing and zero interest rates and not because of the strength of its companies. Peter Schiff, CEO of Euro Pacific Capital: “You have all these artificial props which have lifted up the market and there's no way to sustain the market without those props.”

Schiff's isn't convinced that the Nasdaq is different this time and says that “Tech is not as overvalued relative to the rest of the market as it was in 2000, but that doesn't mean it's not a bubble.” He cites the overvaluation of some of the larger companies that hold billion dollar caps but haven't made any money yet.