Three cryptos likely to do well despite the Feds Hawkish stand

Financial markets plunged over the weekend after Federal Reserve Chairman Jeremy Powell took a hawkish stance at the annual Jackson Hole event. At this much-anticipated event, Powell said the Federal Reserve will continue to raise interest rates until inflation is completely eliminated.

This means that money is likely to escape risky assets, at least for the foreseeable future. However, if you want to get into the cryptocurrency market now, some cryptocurrencies may show some resilience despite bearish clouds hanging over the market. Below are a few cryptocurrencies that are likely to hold up well under current market conditions.

Ethereum (ETH)

The broader crypto market is likely to be hit by bearish clouds across financial markets, but Ethereum (ETH) could deliver a surprise rally in early September and possibly the rest of the year. That’s because the upcoming Ethereum merger is a big deal and will change the way Ethereum operates. The impact of the merger on Ethereum’s tokennomics is one of the biggest triggers for Ethereum to work well, regardless of its hawkish position on the Federal Reserve Board.

As for how big a deal this is, you have to consider that after Ethereum’s upgrade on August 5, 2021, the cryptocurrency rose at a time when the rest of the market was still weak. Ethereum continues to climb, reaching a new high of $4800 by November 2021. If you look back at history, this is a notable cryptocurrency.

Polygon (MATIC)

If Ethereum is likely to attract investor attention in the coming days, cryptocurrencies that will directly benefit from Ethereum integration should also be considered. Polygon is an Ethereum Layer 2 cryptocurrency on which a large ecosystem of cryptocurrencies is built. So if the merge is successful, you can expect to see some activity in Polygon regardless of how the market is trading at the time.

Loop Ring (LRC)

One of the big reasons Ethereum is moving to Ethereum 2.0 is to reduce costs and increase speed. Ethereum token trading volume could skyrocket after the merger. This means that platforms that allow trading of Ethereum tokens are likely to experience increased demand. One of the most established Ethereum token trading platforms is Loopring (LRC). There is already strong demand for the token on Loopring, and as transaction costs drop, the LRC token could rise as well. Because Loopring is the token that powers the Loopring ecosystem. The more activity, the higher the potential value growth.