You have to think about the fact that hot air is constantly being blown up elevating the balloon once that air is taken away it's up to the steering and the wind after that. I know that probably doesn't help did you want to know the science part?
When oxygen is found is peroxide, it has an oxidation number of -1.
The chemical formula of hydrogen peroxide is H2O2. We know that hydrogen always has +1 oxidation state until it forms metal hydrides. So in H2O2, the oxidation state ofhydrogen is +1.
Now, let oxidation state of oxygen be x. So,
2 * (+1) + 2*x = 0
2 + 2x = 0
2x = -2
x = -2 / 2
x = -1
Hence, the oxidation number of oxygen in peroxides is -1
As the gas cools it condenses and becomes a liquid its atoms also become smaller