Decentralisation yes.

I would say another key characteristic is a 'shipped' product. A working product. So many of these projects / ICOs are priced on hype and pure speculation. Those that are out there and functioning I think are being valued for that function. Doge is just as good an example of this as Bitcoin!

Privacy coins too? I think the crypto bear market is coinciding with some crises in more traditional markets + countries experiencing hyper-inflation. Dash has stayed strong and I wonder if its adoption in Venezuela has something to do with that?

I'm invested in and interested in POS privacy coin Spectrecoin, it's got the best tech and remains 'undiscovered', but can't see that lasting too much longer, especially when they launch stealth staking.