Devide $500 to 5 parts and invest 100$ in 5 different new alts just come out to IDEX from "high" rated ICOs on icodrops and trading near ICO price. That coins have big chances to be listed on big Exchanges and make x2-x3 in near future
i dont think that diversification is a good option with regards to low capital investment. i think you should focus on one coin that you believe will make you gain. there are times that you need to be brave to achieve more.