I'm not interested in Bitcoin, Ethereum, Ripple, IOTA etc etc etc suggestions.
Those coins do not offer any massive short term gain. In fact I'm not interested in any top 100-200 coins.

I am suspicious of ICOs however I would not say no to an ICO with medium risk and 10x gain (no I don't think Telegrams ICO is worth investing into).

With that being said and out of the way, which altcoin with low market cap ($5mil - $50mil) has a bright future?

Here's an example of my recent purchase:
I bought COSS at $0.3 and it went up to $3 (although it's worth about $1 now after all the corrections). I also hold a few thousand SunContract coins.
I do believe that COSS and SunContract will go up quite a bit in the near future (I expect about x10 from both in 3-6 months) and am tempted to buy more, but I'm also looking for alternatives. Just in case COSS/SunContract shit hits the fan.

I also hold SpectreCoin, Waves and Shift, but I don't put as much faith in them as I do in SunContract and COSS.