In this paper, we investigate the approximate consensus problem in highly dynamic networks in which topology may change continually and unpredictably. We prove that in both synchronous and partially synchronous systems, approximate consensus is solvable if and only if the communication graph in each round has a rooted spanning tree, i.e., there is a coordinator at each time. The striking point in this result is that the coordinator is not required to be unique and can change arbitrarily from round to round. Interestingly, the class of averaging algorithms, which are memoryless and require no process identifiers, entirely captures the solvability issue of approximate consensus in that the problem is solvable if and only if it can be solved using any averaging algorithm. Concerning the time complexity of averaging algorithms, we show that approximate consensus can be achieved with precision of $\varepsilon$ in a coordinated network model in $O(n^{n+1} \log\frac{1}{\varepsilon})$ synchronous rounds, and in $O(Δn^{nΔ+1} \log\frac{1}{\varepsilon})$ rounds when the maximum round delay for a message to be delivered is $Δ$. While in general, an upper bound on the time complexity of averaging algorithms has to be exponential, we investigate various network models in which this exponential bound in the number of nodes reduces to a polynomial bound. We apply our results to networked systems with a fixed topology and classical benign fault models, and deduce both known and new results for approximate consensus in these systems. In particular, we show that for solving approximate consensus, a complete network can tolerate up to 2n-3 arbitrarily located link faults at every round, in contrast with the impossibility result established by Santoro and Widmayer (STACS '89) showing that exact consensus is not solvable with n-1 link faults per round originating from the same node.