nobody can tell you when to invest. Do your own research, choose your project and love it!
I advise you to choose 2 or 3 project wtich 500$, no more, no less.

For less risk, you can choose to top 10 from Marketcap
Yeah it's unpredictable market and with the current market situation we can't guarantee a profits. Even those coins at top 10 from CMC were not doing good as all of the currency had been affected with the bearish market. If op want to take a risk he should invest his $500 in bitcoin.