The Upton Park outfit earned a 3-1 home win over Southampton on Saturday to make it four wins from four in February.
That run has lifted Allardyce's men into the top half of the table and the manager is delighted with the way his side, who were 19th on New Year's Day, have turned their fortunes around.
"It's been a fantastic month for us," he said. "I think the last run of games and the four wins on the trot from where we were is an outstanding performance from the players and I thank them for their efforts and the quality they're showing.
"It's credit to the players and the confidence that's growing through the team. We're pulling away from the danger area that little bit more week by week."
Goals from Matt Jarvis, Carlton Cole and Kevin Nolan eclipsed Maya Yoshida's opener for Southampton as West Ham won a third home league match in a row.
Prior to that spell, Allardyce had overseen just one league win at Upton Park in the previous 10 matches.
