Yeah, a bad radiator cap will have your coolant system purging all day long (or until it reaches the point where there's more steam than anything in the coolant system.
The radiator cap is a relief valve. The one our cars come with are largely dependent upon a preset amount of elasticity in the spring. As the spring ages and anneals from the constant heat cycling if begins to open at lower and lower pressures.
BTW - The temperature representation provided by the temp gauge is logarithmic. The temp can go pretty high with little to no movement, even up to arguably hazardous temps. If your temp gauge jumps into the red stop the car ASAP.
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