Why only one peak is observed in NMR spectrum of H2?
For starters, it is incorrect to think of the ground state being substantially more populated in NMR spectroscopy. Because the energy difference between aligned and misaligned nuclear spins in the external magnetic field is very low, we can say that both states are almost equally populated due to thermal excitation alone. For a $500~\mathrm{MHz}$ experiment, the energy difference can be calculated to be $0.21~\mathrm{J \cdot mol^{-1}}$ which corresponds to a population ratio as follows:

$$\frac{n_\mathrm{ex}}{n_\mathrm{g}} = \exp \left(\frac{\Delta E}{RT}\right) = 0.999916$$

Next, consider the extremely high symmetry of the $\ce{H2}$ molecule: It has the point group $D_{\infty\mathrm h}$, one of the most symmetric ones around. Due to this high symmetry, we cannot distinguish between either proton at all — both can be transformed into each other by a rotation as defined by the point group. Thus, the two nuclei are magnetically equivalent — not only must their chemical shift be identical but also the coupling to the other one.

Think of it this way: Assume, that the spin transition of one proton happened at a slightly different frequency than the other’s. That would mean that one proton had to be different from the other in some way (a different transition energy is equivalent to a different chemical shift is equivalent to a different environment). But how would you explain a different environment on one side of the $\ce{H2}$ molecule compared to the other? Correct: You cannot.

Now we could still assume that the energy required to excite a nuclear spin whose neighbour is parallel be different from one whose neighbour is antiparallel. However, no matter how we excite, the transition is always $\ce{parallel &lt;=&gt; antiparallel}$. And since we cannot distinguish between the hydrogens, we also cannot distinguish which one pointed in which direction, so those two energies must be identical. Therefore, we only see one peak and no $^1J_\ce{HH}$ coupling.