Is there a better metric than Market Cap or is this the only metric that is used to measure the actual value of BTC ?
Market cap is not the real value used to measure the value of Bitcoin accurately. It is relative and exaggerated.
Liquidity, trading volume, and BTC Dominance are more reliable data, although all three can be fake by third-party sources of information.
I agree with you. I always check their trading volume and also I agree that data are being manipulated by some exchange. I think 95k/100K is not enough to crash the market in my opinion. Though it may affect some time but there are also another person who pushes for the price.