As cryptocurrency prices rally across the board, pushing the combined crypto market firmly over $2 trillion for the first time since May, some bitcoin and crypto investors are feeling confident the bitcoin price could exceed its all-time high of over $60,000.

Bitcoin surged 7.07 per cent to $47,587.38 at 2200 GMT on Friday, adding $3,142.93 to its previous close. Some analysts predict it will continue to rise past $60,000, and break its record high.

“If bitcoin can see a sustained break above the 200 day moving average at $45,000 it would confirm a break out of the top of three month range and allow for further gains towards $52,000,” forecasts Tony Sycamore, APAC market analyst at City Index.

“In terms of adoption, bitcoin has roughly the same users as the Internet had in 1997. But bitcoin’s growing faster. Next four years on current path will bring Bitcoin users to 1 billion people; that’s the equivalent of 2005 for the Internet,” commented analyst Willy Woo in a tweet.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 71.6 per cent from the year’s low of $27,734 on Jan. 4.

Jeremy Ng, Asia-Pacific Managing Director of Gemini, pointed out that bitcoin, most notably, has had the highest average return across all asset classes in the last decade.

“At an average annualised return rate of over 200 per cent, bitcoin’s average return is over 10 times that of Nasdaq-100 index which was the second ranked asset class.”

Ether , the coin linked to the ethereum blockchain network, rose 7.86 per cent to $3,284.18 on Friday, adding $243.55 to its previous close.

The crypto price rally, which also included dogecoin and uniswap, added $300 billion to the market over the last week—comes after ethereum underwent a closely-watched upgrade this week, helping ethereum far outpace bitcoin and raising expectations of the so-called “flippening.”

But there are concerns about pending US regulation of cryptocurrencies which threaten to affect the ability of bitcoin miners to continue to produce the coins. The legislation has been criticised by most leaders of the cryptocurrency industry, and Tesla CEO Elon Musk has warned that “there is no need for hasty legislation, as there is no crisis.”