Can cryptocurrencies thrive if interest rates rise?

As a keen observer of the financial markets, I'm curious to know how cryptocurrencies would fare in a scenario where interest rates were to rise. Cryptocurrencies, while promising, have a volatile history and are often influenced by external factors. Would a rise in interest rates cause investors to shift their focus from cryptocurrencies to more traditional, stable investments? Or would the unique characteristics of cryptocurrencies, such as their decentralization and lack of reliance on central banks, help them remain resilient even in such an environment? The answers to these questions could have significant implications for both the crypto market and investors' portfolios.