“Does that mean cap is bad? or can it boot without the cap if I remove that capacitor? “
YES and then NO.
It is faulty and most probably it will not power on with it missing.
If you can hear a hissing sound coming from the capacitor, it is venting.
Be safety aware:
The gas expelled from a venting capacitor is more than 100°C. Never expose hands or face to a venting capacitor. If your eyes are exposed to the gas, flush with water immediately. If the vapor is inhaled, gargle with water. Electrolyte leakage may occur after a capacitor vents. If the electrolyte comes in contact with the skin, wash with soap and water
Disconnect the power from the board and replace the capacitor and then re-evaluate the problem