Honestly, sometimes no. The whole cheap and hot thing is just unit bias. We want to buy stuff we can own full coins of. You shouldn't be looking at the total price of a coin ever, because it doesnt mean anything.
If you want good "cheap and hot" altcoins, I would rather  suggest looking at the rank 100-200 coins for GOOD projects with decent communities and dedicating max 5% of your portfolio to it. Marketcap is what determines your possible gains.

Look at Ripple and Tron, sure it ain't scams or bad projects but I can assure you their high supply and low unit price played very big roles in the pumps we saw in their price. But you can never call something with a 19 billion dollar marketcap cheap. People always want to look at something and say "omg if this hits a dollar then moon/lambo!!", but the reality of total supply often times mean that these coins would have such impossible market caps then.

One coin that I recommend looking in to is ETN, it's price has fallen a lot. I think it is mostly because they had a very large number of newbies in their ICO who expected to drive a lambo on the moon 2 weeks after listing. You even saw people make videos saying  $35 In March 2018. As reality set in many of these people ended up selling and the price has tanked a bit. Its being also manipulated down now. The community contains many overly fanatic fanboys but heck. I like that project. They are accumulating users and have commercial deals signed already exposing them to 130million users so far. All in just 4 Months and change.

This is the kind of thing I personally look at; what has this coin done to make it used in the real world by normal people. I do expect our speculative bubble will pop. But things that are used by normal average Joes will come out stronger afterwards.

So spend your time looking at low market cap stuff, and find a project that you can see will be used in the REAL WORLD and not pumped and dumped on exchanges. Real use and large amounts of users means value in my eye. The same goes for ICO's. I never invest into something that has a small community.
Make sure you keep a good amount of your portfolio in top 10 and 20 coins too, especially BTC because that is the safest place to keep your gains in due to the high liquidity.

Well that's my 5 cents, hope it helps.