Question: What is the reasoning for double precision floating points to have more than twice the amount of bits in fraction, and only 3 bits more

What is the reasoning for double precision floating points to have more than twice the amount of bits in fraction, and only 3 bits more in exponent when compared to single precision?
Increase the speed of calculations with floating points.
To achieve better accuracy in arithmetic operations.
Gain larger increase in the smallest difference between two numbers it can represent rather increasing the largest and smallest number range.
Increase the largest and smallest number range it can represent more than the smallest difference between the numbers.

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