I would create a rectangular shape with a gradient fill (looks like black, other color, black), then animate the start and end points of the gradient to mimic the example. Holding alt and clicking on the stopwatch will let you add an expression to the start and end points.
This expression: loopOut()
will make the animation repeat over and over again. The effect "Posterize" should help you achieve the banding/stepping that's in the example, if you're going for that retro look. Once you're happy with the animation, copy the layer as needed to fill the screen and offset each of the layers by a frame (or a few) to create the illusion of the color moving upward.