The keyspace of an algorithm is the set of all possible key values. A key that has n bits produces a keyspace that has 2n possible key values. By adding one bit to the key, the keyspace is effectively doubled.
As shown in the table, DES with its 56-bit keys has a keyspace of more than 72,000,000,000,000,000 (256) possible keys. By adding one bit to the key length, the keyspace doubles, and an attacker needs twice the amount of time to search the keyspace. Adding an additional bit to a 57-bit key size means that it would now take an attacker four times the amount of time to search the keyspace. Adding 4 more bits to 56-bits would create a 60-bit key. A 60-bit key would take 16 times longer to crack than a 56-bit key.