United, who host fourth-placed Liverpool on Sunday, are now in a strong position to defend their Premier League title after opening up a three-point advantage over second-placed Arsenal with eight games to play.
Ronaldo surpassed Best's record of 32 goals in a single season, set in 1967-68, with two first-half strikes, the first an opportunist finish from 12 yards, and the second a stunning 30-yard free-kick.
"The second goal was genius," said Gary Megson, Bolton manager.
"I honestly don't know how he does it. Even my lads were talking about it."
|"I honestly don't know how he does it. Even my lads were talking about it."|
Gary Megson, Bolton manager,
on Ronaldo's free-kick
Ferguson was equally glowing in his praise of Ronaldo, who was made captain for the night in the absence of Gary Neville, Rio Ferdinand and Wayne Rooney.
"He didn't make a big issue of it," said Sir Alex when asked how Ronaldo reacted to being handed the captain's armband.
"He looks comfortable with the responsibility that comes with the role. It was a marvellous second goal."
A worthy successor
Ferguson also regarded Ronaldo as a worthy successor to the legendary Best.
"It speaks volumes of the boy's ability (the record)," the Scot said.
"It's amazing that he can do that playing in the position he does. Nobody can do that in this day and age.
"The free-kick was marvellous. He does put in the practice and he has this technique."
Bolton failed to improve their chances of survival as they sit deep in relegation trouble after losing their last five Premier League games.
Chelsea fail to capitalise
Meanwhile, title contenders Chelsea suffered a blow when they were held to an exciting 4-4 draw against Tottenham at White Hart Lane.
The Blues looked certain to keep the pressure on United as they led three times during the match, but a combination of poor defending and a spirited Spurs fight back left Avram Grant's side frustrated.
Grant was determined to remain upbeat even though Chelsea are now five points behind leaders United and two points adrift of second-placed Arsenal.
Sunday's home clash against the Gunners now holds immense importance for Chelsea as a defeat to their north London rivals would effectively kill off any hopes of winning the title for a third time in four seasons.
"We are still in the race and we will continue fighting like we did until now," Grant said.
"Sunday is another game. It is a good game. Every game for Chelsea is a big game.
"We are closer to Arsenal than we were before. It's a tough game but we want to win."